Embassy Developments Invests Rs 7,000 Crore in Mumbai Luxury Housing

Embassy Developments is set to invest Rs 7,000 crore in the Mumbai property market, launching three new luxury housing projects and completing three ongoing ones to harness strong consumer demand.

Embassy Developments announced on Tuesday a significant investment of Rs 7,000 crore into the Mumbai property market, aiming to construct three new luxury housing projects and wrap up three ongoing developments. This move is poised to expand the firm's business, capitalizing on robust consumer demand.

The projects, set for Juhu, Worli, and Alibaug in the Mumbai Metropolitan Region, will contribute to the company's strategic growth. Embassy Developments Ltd, formerly Indiabulls Real Estate Ltd, stands among the elite real estate firms listed on the stock exchanges. The Bengaluru-based Embassy Group also manages WeWork India and Embassy Office Parks REIT.

According to EDL Chairman Jitu Virwani, the company is prepared for its next growth phase in Mumbai. Managing Director Aditya Virwani noted that the investment will specifically target the city's crucial market, projecting over Rs 12,000 crore in revenue from the new ventures. Established in 1993, the Embassy Group boasts around 75 million square feet of developed saleable space.

(With inputs from agencies.)