Real estate entrepreneur Vijay Raheja has laid out an ambitious array of projects in Mumbai and Bangalore for the coming six months to a year. This initiative comes in the wake of splitting the family business with his brother in July amidst a downturn in the property market. The first venture to be introduced is a project aimed at high-net-worth individuals.
Raheja's company, V Raheja Design Construction, marked its post-split debut on Dussehra with the launch of the Verena luxury villas. Spanning five acres in Bangalore's upscale Whitefield, each villa is priced at Rs 6 crore.
"There are 40 villas in total, and all will be sold through invitation only," shared a senior official from the company who oversees operations in Bangalore but requested anonymity.
Raheja is currently conceptualizing various projects, including an IT park dubbed Gigaplex, the residential property Buena Vista, and the commercial hallmark Raheja Chambers, all within the city. Concurrently, an information technology park is underway in Mumbai.
The split entailed dividing the 56-year-old B Raheja Builders between Vijay and his younger brother, Deepak, leading them to establish their respective businesses. Reports revealed that the projects and properties of B Raheja Builders were allocated between the siblings, with V Raheja Design taking charge of constructing the new JW Marriott hotel located at UB City in Bangalore.
Industry expert Naresh Dandapat, regional director for the south at property consultancy Knight Frank India, expressed skepticism over the pricing, stating, "A Rs 6 crore villa is overpriced where builders are unable to sell Rs 3 crore houses in the same area." However, the official from V Raheja Design addressed this concern, arguing, "They are exclusive and contemporary, and have been priced accordingly."