real estate in mumbai: group company Macleods Pharmaceuticals buys property from Juhu for Rs 332 crore

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Agarwal Holdings, a group entity of pharmaceutical manufacturing company Macleods Pharmaceuticals, has acquired a nearly two-acre plot of land and a structure built on the same in the affluent locality of Juhu in Mumbai for Rs 332 crore in two separate transactions .

This is the second property purchased by Agarwal Holdings from Juhu. Last year, the company acquired a bungalow in this locality dotted with bungalows and residences of Bollywood personalities and industrialists. The company had paid almost Rs 85 crore for this property spread over around 10,000 square feet.

The latest property acquired by the company includes the parcel of land spread over 1.72 acres and a structure of over 4,305 square feet. Agarwal Holdings was incorporated in December 2020 and since then it has acquired two properties worth over Rs 417 crore from Juhu.

The buyer paid nearly Rs 20 crore as stamp duty just for registering their latest transactions which were concluded and registered on Wednesday, documents accessible via CRE Matrix, a real estate data analytics company, showed.

ET’s email query to Agarwal Holdings and Macleods Pharmaceuticals went unanswered until press time.

Macleods Pharmaceuticals is involved in the development, manufacturing and marketing of a wide range of formulations in several major therapeutic areas, including anti-infectives, cardiovascular, anti-diabetics, dermatological and hormonal.

The Company’s operations are supported by eight manufacturing units in India and consist of several business units that focus on specific therapeutic segments. It is also present in more than 10 countries, including the United States, the United Kingdom, Spain, the Philippines, Indonesia, Malaysia, Ukraine, South Africa and Nigeria.

Macleods Pharmaceuticals was established in 1986 by three brothers – Girdhari Lal Bawri, Banwari Lal Bawri and Rajendra Agarwal – whose family owned a pharmacy in Jaipur, to manufacture tuberculosis (TB) drugs. The brothers are among the wealthiest families in the country.

Juhu is known for the properties of Bollywood actors, directors and producers. It also counts many big names in industry and business among its main residents. Recently, actors Vicky Kaushal and Katrina Kaif moved into their residence here, while cricketer Virat Kohli and his actress wife Anushka Sharma moved in a while ago.

A few months ago, Ravi and Neel Raheja, developers of property development company K Raheja Corp, jointly purchased a villa spread over more than two-thirds of an acre in the affluent locality of Juhu in Mumbai from the Singhania family, the promoters of JK Lakshmi Cement, for Rs 265 crores.

Transactions for land plots have started to gain momentum again with many deals, including outright acquisitions and joint ventures, in major real estate markets of Mumbai, Pune, Chennai, Hyderabad and Bangalore being underway. closing, being in the process of closing this year. The increased demand for land plots is driven by the sustained recovery in the housing market.

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