Girdharilal Bawri, Banwarilal Bawri and Rajendra Agarwal, promoters of pharmaceutical manufacturing company Macleods Pharmaceuticals, have acquired a land parcel spread over one-sixth of an acre and the bungalow built on the same in plush Juhu locality of Mumbai for Rs 101 crore.
This is the third property purchased by the brothers, counted amongst the country’s richest families, and their group entity Agarwal Holdings in the last three years in this locality dotted with bungalows and residences of high-profile entities including Bollywood personalities and industrialists.
The bungalow with over 3,604 sq ft built up area across the ground and first floor, and 1,084 sq ft terrace has been built on a plot that is under leasehold rights for 999 years starting March 1962.
The buyers have paid Rs 6.06 crore as stamp duty alone for the registration of the deal that took place on February 20, showed the documents accessed through CRE Matrix.
In September 2022, Macleods Pharmaceuticals’ group entity Agarwal Holdings had acquired a nearly two-acre land parcel and a structure built on the same in plush Juhu locality of Mumbai for Rs 332 crore. Prior to that in 2021, this company had acquired a bungalow spread over 10,000 sq ft in the same locality for nearly Rs 85 crore.
Agarwal Holdings was incorporated in December 2020 and since then it has acquired three properties worth over Rs 518 crore in Juhu.
ET’s email query to Agarwal Holdings and Macleods Pharmaceuticals remained unanswered until the time of going to press.
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.
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.
