The luxury real estate market in Mumbai continues to flourish, with Viceroy Properties, a prominent player, expanding its footprint in the city. In an exclusive interview with Prop News Time, Cyrus Mody, CEO and Founder of Viceroy Properties, shared the company’s plans for residential and commercial real estate, emphasizing growth in Mumbai and the potential of the Versova neighborhood.
Accelerating Growth in Versova
Viceroy Properties’ Versova project has garnered significant traction, leading the company to advance Phase 2 earlier than initially planned. The strong response to the initial phase, which saw substantial sales within the first two months, has expedited the development process. The company is also focusing on commercial developments, with plans to build approximately 1.5 to 2 million square feet of commercial space across several sites in Mumbai’s western suburbs.
Luxury Defined by Quality and Convenience
In the competitive luxury market, Viceroy Properties differentiates itself by emphasizing quality and convenience over mere amenities. According to Mody, luxury is not about providing features for the sake of glamour, but rather understanding how a house can enhance day-to-day living through thoughtful design, useful amenities, and efficient maintenance processes.
Viceroy Properties has developed and delivered approximately 1.2 million square feet in the western suburbs, with a conscious effort to diversify its projects across various micro-markets. The company’s approach to expansion is driven by infrastructure-led growth potential, with Versova emerging as a promising next step due to its strong local market potential and infrastructure improvements.
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Looking ahead, Viceroy Properties will continue to be selective in pursuing residential opportunities while expanding its presence in commercial real estate. The company’s success in Mumbai’s luxury housing market can be attributed to its focus on quality, customer service, and understanding the evolving needs of its buyers.
Cyrus Mody believes that infrastructure will play a key role in shaping future growth in Mumbai’s luxury market. Locations with robust transport opportunities and quality supply are likely to witness higher growth and price appreciation. As prices increase, buyers will become more discerning, making it essential for developers to justify their pricing through product quality, location, and overall living conditions.
In the area of innovation, Viceroy Properties is committed to meaningful improvements that enhance residents’ lives rather than chasing fleeting trends. The company places a strong emphasis on research, quality control, and creating a customer-service-oriented living environment.
With its sights set on Mumbai, Viceroy Properties will continue to explore both residential and commercial opportunities across the city. The company’s approach to Versova and its wider Mumbai strategy will focus on identifying locations where infrastructure, connectivity, and quality supply can translate into long-term value for buyers.
