With the realty market slowing down, Cadbury India’s (or Mondelez) plans to sell its head office, Cadbury House, in South Mumbai may have to be put on the backburner. The chocolate major has vast acres of land in Thane, too, where its factories are located. Since selling factory land is not easy, the corporate had decided to sell its corporate office and residential building named Bournville (also its dark chocolate brand) at Peddar Road, which would have fetched at least Rs 300 crore.
C.Y. Pal, Non-Executive Chairman, Cadbury India, said, “The sale of Cadbury House may or may not happen. If at all there is a shift (of operations), it will happen at our existing properties in lower Parel, but going to Thane is not going to happen immediately and will be a long haul.” The Cadbury real estate space includes Bournville Apartments, which houses top officials of the company, like the Managing Director, Anand Kripalu, along with Pal and other directors.
However, selling a corporate property along with a residential building may not be easy in Mumbai. Analysts in the real estate sector said that any buyer would not like to invest in a mixed development property especially in South Mumbai, as they have to redevelop the property after buying it.
Currently, about 250 employees live in Cadbury House, besides Bournville Apartments. The plot on Peddar Road began as a factory for Bournvita, during the time of Independence and was later developed as a residential bungalow for Cadbury’s MD.