Promoters of Macleods Pharmaceuticals, Girdharilal and Banwarilal Bawri along with Rajendra Agarwal, through Agarwal Holdings, recently acquired a 3,600 sq ft bungalow in Vile Parle, Mumbai for INR 101 crore. With stamp duty and registration fees, the total cost reached INR 106 crore. This adds to their extensive property portfolio in Juhu, amounting to over INR 518 crore in the last three years. Macleods Pharma, established in 1989, operates globally in various therapeutic areas. Their real estate ventures indicate strategic diversification beyond pharmaceuticals. This mirrors a broader trend in Mumbai's luxury housing market, attracting both domestic and international investors seeking lucrative opportunities beyond traditional sectors.
Promoters of Macleods Pharmaceuticals, Girdharilal Bawri, Banwarilal Bawri, and Rajendra Agarwal, via their group entity Agarwal Holdings, have recently purchased a 3,600 sq ft bungalow on an over 7,000 sqft plot in Vile Parle area of Mumbai for INR 101 crore, according to documents accessed by IndexTap.com.
Bawri has also additionally paid INR 6.06 crore stamp duty and INR 30,000 of registration fees, taking the purchase cost to INR 106 crore.The deal was registered on February 16, 2024.
The plot under consideration is on a 999-year lease since March 1962. The ground plus one bungalow is located in the JVPD scheme area of Vile Parle. The area is also known for having height restrictions owing to defence installation in and around Juhu.
The Bawri brothers and Agarwal Holdings have collectively spent over INR 518 crore on properties in Juhu over the last three years. Their recent purchase adds to their portfolio of high-value properties in the area, including a nearly two-acre land parcel and structure bought for INR 332 crore in September 2022 and a 10,000 sq ft bungalow acquired for nearly INR 85 crore in 2021.
Macleods Pharma was established in 1989, and is engaged in developing, manufacturing, and marketing several major therapeutic areas including anti-infectives, cardiovascular, anti-diabetic, dermatology, and hormone treatment. It also has presence in over 10 countries including the US, UK, Spain, Philippines, Indonesia, Malaysia, Ukraine, South Africa and Nigeria.
The Juhu area is a locality dotted with bungalows and residences of high-profile entities including Bollywood personalities and industrialists. Bawri's deal is the second bungalow deal in the Mumbai real estate market in the last three months after Bollywood actor John Abraham in December 2023 purchased a 5,416 sq ft bungalow in Khar area of Mumbai along with the land of 7,722 sq ft on which the bungalow is situated, for INR 70 crore. Last year, actor Amitabh Bachchan and his wife, Jaya Bachchan, have bequeathed Pratiksha bungalow, the first of the five family homes in Juhu, to their daughter Shweta Nanda as a gift.
Also, in 2023, Samar Chauhan, Executive Director of Parle Products Pvt Ltd, had purchased a property for INR 78 crore in Juhu, Mumbai. In 2022, Feat Properties Pvt Ltd, a subsidiary of K Raheja Corp, had purchased a 3,278-sq m bungalow in Mumbai's Juhu area for INR 182.75 crore from Bollywood director and producer BR Chopra's family.
Macleod's foray into real estate, particularly in an upscale area like Juhu, signals not only its financial robustness but also an interest in diversifying its investment portfolio, reflecting a strategic move beyond its core pharmaceutical business. This trend is expected to continue, with Mumbai's luxury housing segment witnessing increased interest from both domestic and international investors.
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