Amidst the plush locality of Juhu in Mumbai, the promoters of pharmaceutical manufacturing company Macleods Pharmaceuticals have made a significant investment. Girdharilal Bawri, Banwarilal Bawri, and Rajendra Agarwal, who form part of the country’s richest families, have acquired a bungalow and land parcel worth Rs 101 crore. This purchase marks the third property acquisition in Juhu for the brothers and their group entity Agarwal Holdings within the past three years.
The purchased bungalow covers an area of over 3,600 sq ft, comprising of a built-up area spread across the ground and first floors, along with a terrace spanning 1,084 sq ft. The property is situated on land that is leased for 999 years, with a leaseholding rights inception date of March 1962. The stamp duty paid for the registration of this deal alone amounts to Rs 6.06 crore, according to documents accessed through CRE Matrix. In September 2022, Agarwal Holdings had previously acquired a land parcel spanning close to two acres, along with a structure within the prestigious Juhu locality in Mumbai, for Rs 332 crore. Before that, in 2021, the company purchased a bungalow covering 10,000 sq ft in the same area for Rs 85 crore. The establishment of Agarwal Holdings, which took place in December 2020, has seen a total investment of over Rs 518 crore in properties within Juhu.
Macleods Pharmaceuticals, with over eight manufacturing units in India, specializes in the development, manufacturing, and marketing of a wide range of pharmaceutical formulations. The company operates in several major therapeutic areas, including anti-infectives, cardiovascular, anti-diabetic, dermatology, and hormone treatments. Alongside its operations in India, the company has a presence in more than ten countries, such as the US, UK, Spain, and Nigeria. The Macleods Pharmaceuticals emblem was launched in 1986 by three brothers, Girdhari Lal Bawri, Banwari Lal Bawri, and Rajendra Agarwal, who originating from a pharmacy background in Jaipur, ventured into producing anti-tuberculosis TB medicines. These brothers have now become some of the wealthiest families in India, marking their expansion into other lucrative industries. The Juhu locality is renowned for housing Bollywood actors, directors, producers, and prominent industrialists. Recently, Bollywood actors Vicky Kaushal and Katrina Kaif shifted to this upscale area, while cricketer Virat Kohli and his actress wife Anushka Sharma have resided there for some time. The demand for land parcels has witnessed a surge in recent times, with an increasing number of deals being closed or expected to finalize in major property markets such as Mumbai, Pune, Chennai, Hyderabad, and Bangalore. The recovery in the housing market has played a key role in driving these land transactions. As the real estate and pharmaceutical industries continue to thrive, the acquisition of this bungalow showcases the entrepreneurial vision and investment prowess of Agarwal Holdings and Macleods Pharmaceuticals. With their expanding portfolio of high-end properties, these companies are poised to leave their mark on the prestigious Juhu locality in Mumbai.
