Viceroy to Invest Rs 16 Bn in Commercial Realty
06 May 2025
2 Min Read
CW Team
Mumbai-based Viceroy Properties is making its foray into commercial real estate with a Rs 16 billion investment planned over the next five years, founder and CEO Cyrus Mody told Business Standard. The move marks a strategic shift for the company, which has so far focused exclusively on luxury residential developments.
Viceroy鈥檚 commercial expansion will begin with the development of 1.2 million square feet of office and retail space in Mumbai by the end of 2025. 鈥淲e鈥檙e planning a few built-to-lease commercial offices. We see significant demand in this sector,鈥� Mody said, pointing to rising momentum in the commercial leasing market.
India鈥檚 commercial real estate sector is witnessing strong demand recovery post-pandemic. According to a Colliers-FICCI report, gross office leasing could reach 65鈥�70 million square feet in 2025, led by global capability centres, IT-ITeS, BFSI, and flex spaces across major metros. JLL India forecasts nearly 9 million square feet of new retail space across key cities, including Mumbai and Kolkata, in 2025.
Viceroy, which has developed luxury residences in Mumbai鈥檚 Kandivali area鈥攑riced between Rs 35 million and Rs 250 million鈥攈as about 1.2 million square feet under execution and a pipeline of 4 million square feet valued at over Rs 100 billion. Upcoming residential projects include a 2-acre coastal road luxury property in Versova and high-end developments in Bandra.
For its commercial venture, the firm plans to invest Rs 1 billion in equity and raise Rs 2鈥�3 billion in debt, with the remainder financed through sales. While the company remains focused on the Mumbai Metropolitan Region (MMR), especially Bandra, Goregaon, and Borivli, it is open to exploring opportunities in other cities.
Mumbai-based Viceroy Properties is making its foray into commercial real estate with a Rs 16 billion investment planned over the next five years, founder and CEO Cyrus Mody told Business Standard. The move marks a strategic shift for the company, which has so far focused exclusively on luxury residential developments.Viceroy鈥檚 commercial expansion will begin with the development of 1.2 million square feet of office and retail space in Mumbai by the end of 2025. 鈥淲e鈥檙e planning a few built-to-lease commercial offices. We see significant demand in this sector,鈥� Mody said, pointing to rising momentum in the commercial leasing market.India鈥檚 commercial real estate sector is witnessing strong demand recovery post-pandemic. According to a Colliers-FICCI report, gross office leasing could reach 65鈥�70 million square feet in 2025, led by global capability centres, IT-ITeS, BFSI, and flex spaces across major metros. JLL India forecasts nearly 9 million square feet of new retail space across key cities, including Mumbai and Kolkata, in 2025.Viceroy, which has developed luxury residences in Mumbai鈥檚 Kandivali area鈥攑riced between Rs 35 million and Rs 250 million鈥攈as about 1.2 million square feet under execution and a pipeline of 4 million square feet valued at over Rs 100 billion. Upcoming residential projects include a 2-acre coastal road luxury property in Versova and high-end developments in Bandra.For its commercial venture, the firm plans to invest Rs 1 billion in equity and raise Rs 2鈥�3 billion in debt, with the remainder financed through sales. While the company remains focused on the Mumbai Metropolitan Region (MMR), especially Bandra, Goregaon, and Borivli, it is open to exploring opportunities in other cities.
Next Story
Bihar Unveils Major Infrastructure Plan for Inland Waterways
Union Ports, Shipping and Waterways Minister Sarbananda Sonowal announced a comprehensive infrastructure initiative to strengthen inland water transport in Bihar. Launched in Patna during the first workshop on National Waterway 1 (the Ganga), the plan aims to transform the waterway into a modern, sustainable transport network.Key project highlights and infrastructure upgrades include:Two hybrid electric catamaran vessels, offering cleaner and quieter river transportInstallation of Quick Pontoon Opening Mechanisms (QPOMs) at four locations, enhancing river crossing efficiencyTwo RO PAX terminal..
Next Story
GDA Seeks Centre Funding for Noida鈥揋haziabad Metro
The Ghaziabad Development Authority (GDA) is seeking central government funding to revive the stalled Noida鈥揋haziabad metro corridor, a crucial transit link in the National Capital Region. The project, initially launched several years ago, aims to enhance connectivity between Noida sectors and key locations in Ghaziabad.Construction on the corridor has faced delays due to funding shortages. GDA officials are urging the federal government to allocate finances to accelerate remaining civil works, electrification, signalling, and testing. Completion of these tasks would enable full operation an..
Next Story
Telangana Sanctions Rs鈥�1.25鈥疊illion for Old City Metro
Telangana鈥檚 government has approved a Rs鈥�1.25鈥痓illion allocation to support the expansion of Hyderabad鈥檚 metro network through the historic Old City area. This funding forms part of state efforts to enhance public transport and ease traffic congestion while preserving the district's cultural heritage.The budget sanction will finance detailed planning and preliminary civil works, including land surveys, utility realignment, and the construction of access roads and circulation areas around future metro stations. The proposed route aims to connect major heritage sites, bustling markets, a..
