Viceroy Properties Secures ₹250 Crore Funding for Luxury Project in Versova
Mumbai-based real estate developer Viceroy Properties has secured project funding of ₹250 crore from Bajaj Housing Finance for its luxury residential project VISAVA in the Mumbai Metropolitan Region (MMR). This marks a significant step in the company's ambitious plan to develop premium residential properties in one of Mumbai's most sought-after areas.
VISAVA is located in Versova, a micro-market within the MMR, and has a topline potential of ₹1,000 crore. Viceroy will invest ₹600 crore in the greenfield project, as Cyrus Mody, Viceroy Properties' chief executive officer and founder, revealed to Business Standard.
Mody emphasized the strategic importance of Versova, stating, 'Versova has firmly established itself as one of Mumbai's premier luxury residential micro-markets, defined by constrained land supply, significantly upgraded infrastructure such as the upcoming Versova-Bandra Sea Link, and robust end-user demand. The early market response to our project speaks for itself: 30-35 per cent of inventory already absorbed, reflecting genuine buyer conviction in both the location and the quality of the finished product.'
VISAVA is spread across a land parcel of 2 acres, which was acquired by Viceroy a couple of years ago. The project features 3- and 4-BHK residences, designed to meet the needs of discerning buyers who are seeking larger, better-designed homes in proven neighbourhoods. Mody added, 'What we're seeing is a clear and deliberate shift where discerning buyers are seeking larger, better-designed homes in proven neighbourhoods, driven not just by lifestyle aspirations but by the logic of long-term value preservation. The sustained sales momentum, combined with fresh institutional backing for the project, is a strong signal that Versova's luxury residential story is still in its early chapters.'
Viceroy will repay the funds obtained from Bajaj 'on competitive and flexible terms' over a period of five years. This financial strategy ensures that the company can focus on delivering high-quality projects without undue financial strain.
Additionally, the company is also working on another development in Goregaon in the MMR. Mody stated that the company's focus will continue to remain on greenfield assignments even as the MMR's redevelopment market continues to see traction. According to 99acres, considering transactions in the past one year, the average residential property rate in Versova has been hovering around ₹42,250 per square foot (carpet area), up 11.9 per cent year-on-year. This trend underscores the growing appeal of Versova as a prime location for luxury residential projects.
