Viceroy Properties Embarks on ₹16 Billion Commercial Real Estate Expansion

A New Era: From Luxury Homes to Commercial Landmarks

Mumbai-based luxury developer Viceroy Properties is charting a bold new course, announcing a ₹16 billion investment over the next five years to develop premium commercial office and retail spaces. This strategic move marks a significant shift from Viceroy’s legacy of crafting high-end residences in the Mumbai Metropolitan Region (MMR) to entering India’s burgeoning commercial real estate market.

Strategic Pivot: Seizing Metro Opportunities

Historically renowned for luxury residential projects-like the landmark developments in Kandivali, where apartments command between ₹3.5 crore and ₹25 crore-Viceroy is now aligning its vision with India’s post-pandemic demand for modern workspaces and retail destinations. “We’re planning a few built-to-lease commercial offices. We see significant demand in this sector,” said Cyrus Mody, Founder and CEO, in a recent statement.

Launching in Mumbai: 1.2 Million Sq. Ft. by 2025

Viceroy’s commercial foray begins with 1.2 million sq. ft. of premium office and retail space in Mumbai, set for completion by end-2025. Targeting high-growth corridors in Bandra, Goregaon, and Borivli, these projects will focus on the built-to-lease model, catering to institutional and corporate tenants attracted by robust infrastructure and connectivity.

Market Momentum: Riding the Commercial Wave

This expansion comes as India’s commercial real estate sector experiences unprecedented growth. A Colliers-FICCI report projects gross office leasing to reach 65–70 million sq. ft. in 2025, fueled by Global Capability Centres, IT/ITeS, BFSI, and flexible workspace operators. Meanwhile, JLL India forecasts 9 million sq. ft. of new retail space across metros like Mumbai and Kolkata, underscoring strong investor and occupier demand.

Funding Blueprint: Equity, Debt, and Sales

To power this commercial leap, Viceroy will deploy ₹1 billion in equity, raise ₹2–3 billion via debt, and fund the balance through sales and leasing revenues. This blended approach ensures financial agility and long-term asset retention for recurring income.

Residential Strength Remains

Despite its commercial ambitions, Viceroy’s luxury residential pipeline remains robust. With 1.2 million sq. ft. under execution and a future pipeline of 4 million sq. ft. valued at over ₹100 billion, the company continues to deliver on marquee projects, including a two-acre luxury development on Mumbai’s Coastal Road in Versova and high-end complexes in Bandra.

Core Focus with an Eye on New Markets

While MMR is the nucleus of Viceroy’s operations, the company is open to expanding into other Tier-1 cities like Bengaluru, Pune, and Hyderabad-urban hubs witnessing surging demand for Grade A commercial assets.

Conclusion: Shaping Mumbai’s Next Skyline

Viceroy Properties’ ₹16 billion investment heralds a new chapter, positioning the brand as a dynamic force in both luxury housing and premium commercial real estate. With deep expertise, a strong brand legacy, and a clear strategic vision, Viceroy is set to help shape Mumbai’s next generation of commercial landmarks.