In a noteworthy transaction shaping Mumbai’s real estate landscape, Ivory Property Trust has acquired two prime properties in Tardeo for ₹355 crore. The properties, Bayside Mall and the Popular Press Building, both located on Pt Madan Mohan Malviya Marg, were purchased from AAA Holding Trust in a deal registered on August 13, 2024.
The acquisition includes Bayside Mall, covering a land area of 1,216.29 square metres, and the Popular Press Building land parcel, measuring 1,070.24 square metres. Ivory Property Trust paid ₹21.30 crore in stamp duty for this high-value transaction, as per data from CRE Matrix, a real estate analytics firm. This deal is anticipated to enhance Tardeo’s commercial infrastructure, with potential to attract new businesses and increase economic activity in the locality. Given Tardeo’s strategic location and its appeal as a business hub, the investment underscores the area’s growing prominence in Mumbai’s commercial real estate sector. The transaction aligns with broader real estate trends across India. According to the recently published Q3 2024 Housing Price Tracker by CREDAI-Colliers-Liases Foras, housing prices across India’s top eight markets surged by 11% year-over-year, reaching an average of ₹11,000 per sq ft. The upward trajectory in prices has continued for 15 consecutive quarters since 2021, driven by robust demand and favourable market sentiment.
Delhi NCR reported the highest annual price increase at 32%, followed by Bengaluru at 24%. Despite stabilising demand, residential activity remains strong, bolstered by record-high sales over the past two years. Unsold inventory across the eight major cities declined for the third straight quarter, reflecting healthy absorption rates. The Mumbai Metropolitan Region (MMR) held the largest share of unsold inventory, accounting for approximately 40%, while Hyderabad witnessed a quarterly dip in unsold units despite a 28% annual increase. The Ivory Property Trust’s acquisition signals growing investor confidence in Mumbai’s real estate sector, which continues to thrive amidst stabilising demand and rising prices.
