Mumbai’s Central Mall known as Crossroads Mall goes for auction in January for ₹500 crore
Mumbai’s Central Mall known as Crossroads Mall goes for auction in January for ₹500 crore
Notedly, Mumbai’s Central Mall, formerly known as Crossroads Mall, goes for auction on January 29, 2024, by Canara Bank to recover dues of ₹230.39 crore.
It’s a preferred destination for shopping and socialising at the time. It lost its sheen when newer shopping options mushroomed across the city and suburbs.
The pandemic and competition from newer shopping options have been the prime cause for the mall to emerge into a non-performing asset.
The pandemic delivered a body blow to the venture and it has been a non-performing asset for nearly three years.
The reserve price for the auction is set at ₹500 crore.
The property includes shops and commercial premises spanning over 1,07,691.99 sq ft, excluding the McDonald’s outlet.
Interested bidders can inspect the properties on January 20 and must deposit ₹50 crore as earnest money.
News Edit K.V.Raman
