Embassy Developments Invests Rs 7,000 Crore in Mumbai Luxe Housing Boom

Embassy Developments will invest Rs 7,000 crore in Mumbai to expand its luxury housing projects. It plans to launch three new projects and complete three ongoing ones, anticipating revenue of over Rs 12,000 crore. The company will utilize internal accruals and might raise some debt for this expansion.

Realty firm Embassy Developments has announced a substantial investment plan worth Rs 7,000 crore aimed at expanding its footprint in the Mumbai luxury housing market. The decision is part of the company's strategic move amidst robust consumer demand.

Embassy Developments Ltd (EDL) is gearing up to launch three new housing projects located in Juhu, Worli, and Alibaug within the Mumbai Metropolitan Region (MMR). The Bengaluru-based firm, which is also listed on the stock exchanges, will complete three ongoing projects as part of this expansion.

EDL Chairman Jitu Virwani and Managing Director Aditya Virwani emphasized the importance of Mumbai as a key market. The firm's planned projects anticipate generating revenues exceeding Rs 12,000 crore, with funding sourced from internal accruals and potential debt raising.

(With inputs from agencies.)