Agarwal Holdings, a group entity of pharmaceutical manufacturing company Macleods Pharmaceuticals, has acquired a nearly two-acre land parcel and a structure built on the same in plush Juhu locality of Mumbai for Rs 332 crore in two separate transactions.
This is the second property bought by Agarwal Holdings in Juhu. Last year, the company had acquired a bungalow in this locality dotted with bungalows and residences of Bollywood personalities and industrialists. The company had paid nearly Rs 85 crore for this property spread over around 10,000 sq ft.
The latest property acquired by the company includes the land parcel spread over 1.72 acres and an over 4,305-sq-ft structure thereon. Agarwal Holdings was incorporated in December 2020 and since then it has acquired two properties worth over Rs 417 crore in Juhu.
The buyer has paid nearly Rs 20 crore as stamp duty alone for the registration of their latest transactions that were concluded and registered on Wednesday, showed the documents accessed through CRE Matrix, a real estate data analytics firm.
Macleods Pharmaceuticals is involved in the business of developing, manufacturing, and marketing a wide range of formulations across several major therapeutic areas including anti-infectives, cardiovascular, anti-diabetic, dermatology, and hormone treatment.
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 also has presence in over 10 countries including the US, UK, Spain, Philippines, Indonesia, Malaysia, Ukraine, South Africa and Nigeria.
Macleods Pharmaceuticals was set up in 1986 by three brothers–Girdhari Lal Bawri, Banwari Lal Bawri and Rajendra Agarwal–whose family owned a pharmacy in Jaipur, to make anti-tuberculosis (TB) medicines. The brothers are counted amongst the country’s richest families.
Juhu has been known for the properties of Bollywood actors, directors, and producers. It also counts many industrial and corporate world biggies as its prominent residents. Recently, actors Vicky Kaushal and Katrina Kaif shifted to their residence here, while cricketer Virat Kohli and his actress wife Anushka Sharma moved in some time ago.
A few months ago, Ravi and Neel Raheja, promoters of real estate development company K Raheja Corp, jointly bought a villa spread over more than two-thirds of an acre in Mumbai’s plush Juhu locality from the Singhania family, the promoters of JK Lakshmi Cement, for Rs 265 crore.
Transactions for land parcels have started to gather momentum again with many deals, including outright acquisitions and joint ventures, in the key property markets of Mumbai, Pune, Chennai, Hyderabad, and Bangalore, either being closed or expected to close this year. The increased demand for land parcels is being driven by the sustained recovery in the housing market.