Embassy Developments Aims for ₹5,000 Crore Pre-Sales on Robust Housing Demand
Embassy Developments Ltd, a leading real estate firm, is set to witness a substantial increase in sales bookings, aiming to reach ₹5,000 crore this fiscal year. This projection is fueled by robust housing demand, according to a top company official.
In an interview with PTI, Aditya Virwani, Managing Director of Embassy Developments Ltd (EDL), highlighted that the company's business activities have gained momentum following the takeover of Indiabulls Real Estate (IBREL). Virwani noted that the company has already sold properties worth about ₹2,000 crore in the first nine months of this fiscal year.
Virwani expressed confidence that the company would achieve sales of ₹3,000 crore during the current quarter, driven by new launches of residential properties in the Mumbai Metropolitan Region (MMR) and sustained sales in existing projects. This would bring the total sales for the fiscal year to ₹5,000 crore, a significant jump from the ₹2,031 crore recorded last fiscal year, which was an improvement over the ₹1,838 crore in 2023-24.
The company is now focusing on completing legacy housing projects and launching new properties. To expedite construction activities across ongoing projects, EDL raised equity funds last year. Last week, Virwani announced a ₹7,000 crore investment in the Mumbai market to build three new luxury housing projects and complete three ongoing properties.
EDL will soon launch three projects in the MMR: Embassy Citadel in Worli, a project in Juhu, and another in Alibaug. The Embassy Citadel project in Worli will feature 316 units with an estimated revenue of nearly ₹9,000 crore. The Juhu project will develop 50 units with an estimated revenue of ₹3,000 crore, while the Alibaug project will have 111 units with a projected revenue of ₹400 crore. In total, the company expects more than ₹12,000 crore in revenue from these new housing projects.
In addition to launching new projects, EDL will invest in the completion of three legacy housing projects in the MMR, comprising around 5,000 units. Bengaluru-based Embassy Group, which owns EDL, WeWork India, and Embassy Office Parks REIT, has a strong presence in the real estate sector. Established in 1993, the group has developed around 75 million square feet of saleable area, primarily office spaces.
EDL, formerly known as Indiabulls Real Estate Ltd, is one of the leading real estate companies in India, with a significant presence in key markets such as Bengaluru, MMR, Delhi-NCR, Chennai, and Indore. The company's strategic investments and focus on both new and legacy projects are expected to drive its growth and meet the increasing demand for housing in these regions.
