Viceroy to Invest Rs 16 Bn in Commercial Realty

06 May 2025 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’s 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. “We’re planning a few built-to-lease commercial offices. We see significant demand in this sector,” Mody said, pointing to rising momentum in the commercial leasing market.

India’s commercial real estate sector is witnessing strong demand recovery post-pandemic. According to a Colliers-FICCI report, gross office leasing could reach 65–70 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’s Kandivali area—priced between Rs 35 million and Rs 250 million—has 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 2–3 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.

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