Embassy Developments Invests ₹7,000 Crore in Mumbai’s Luxury Property Market

Bengaluru-based real estate firm Embassy Developments Ltd (EDL) has announced a significant investment of ₹7,000 crore in the Mumbai Metropolitan Region (MMR). This strategic move includes ₹4,500 crore for three new luxury residential projects and ₹2,500 crore to complete existing developments. The new projects, located in Worli, Juhu, and Alibaug, are expected to have a combined gross development value (GDV) of over ₹12,000 crore and will target high-net-worth (HNW) and ultra-high-net-worth (UHNW) buyers from Q4 FY26 onwards.

These luxury projects are designed to cater to discerning buyers looking for premium and lifestyle-oriented residential properties. Each project is carefully positioned to leverage the unique characteristics and appeal of its respective location.

Worli – Embassy Citadel The flagship project, Embassy Citadel in Worli, is an ultra-luxury development with a GDV of over ₹8,800 crore. Spanning 1 million sq ft of RERA carpet area, this project will feature one tower offering three-, four-, and five-bedroom units, as well as two triplex mansion homes. The development will include over 1 lakh sq ft of annual amenities space, making it a standout offering in India’s most dominant ultra-luxury micro-market. The property is strategically located near the Four Seasons hotel, enhancing its appeal to affluent buyers.

Juhu Project The Juhu project will cover 0.33 million sq ft of RERA carpet area and is expected to have a GDV of ₹3,000 crore. This project will consist of approximately 50 units, catering to multi-generational family units. While the project is still awaiting government approvals, it is poised to become a premier residential option in the region.

Alibaug Development The Alibaug project is a lifestyle development and a second home option for those seeking a resort-like living experience close to Mumbai. This low-rise project will have 0.2 million sq ft of RERA carpet area and an estimated GDV of ₹400 crore. Like the Juhu project, it is currently pending approvals but is expected to attract a niche market of luxury-seeking individuals.

In addition to these new projects, EDL plans to invest in the completion of three existing projects in MMR, totaling about 5,000 homes. This follows the successful completion and delivery of six delayed projects in the residential segment, including three in Mumbai, which have impacted more than 3,300 families.

Strategic Expansion and Market Insight Commenting on the expansion, Jitu Virwani, Chairman of Embassy Developments Ltd, stated, “For over three decades, the Embassy has focused on creating developments that endure, both in quality and in the way they shape neighborhoods. Bringing this legacy to Mumbai marks an important step in building a strong pan-India residential presence, grounded in the confidence we have built through consistent execution.”

Aditya Virwani, Managing Director, added, “Mumbai represents the country’s most mature residential market, where discerning buyers place a premium on execution quality, credibility, and long-term commitment. Our approach is measured, with a focus on a limited set of high-conviction projects rather than volume-driven growth. With a strengthened balance sheet and clearer development visibility, Mumbai will form a central pillar of EDL’s next phase of expansion.”

The investment is timely, as Worli has emerged as the capital of India’s ultra-luxury housing market, outpacing every metropolitan pocket from Bengaluru’s tech corridors to Delhi’s high-power diplomatic zones. According to new data from ANAROCK and 360 One Wealth, the Mumbai neighborhood has single-handedly rewritten the country’s premium real estate hierarchy, accounting for nearly half of all Indian residential transactions above ₹40 crore.

Over the past two years, Worli has witnessed the sale of more than 30 ultra-premium homes, each priced above ₹40 crore, cumulatively generating over ₹5,500 crore. In a market where luxury sales are usually spread across several metros, Worli’s dominance signals a profound shift in wealth clustering, investor sentiment, and the geography of Indian affluence.

Micro-Market of Record-Breaking Deals Across India’s luxury real estate landscape, no neighborhood has demonstrated the consistency or velocity of Worli’s high-value transactions. The locality has recorded more than 20 residential deals exceeding ₹100 crore in the past three years—a benchmark typically seen only in global real estate capitals.

One of 2025’s costliest deals also unfolded here: two super-luxury duplexes sold for over ₹700 crore, reaffirming Worli’s status as India’s most preferred address for the ultra-wealthy, including industrialists, fund managers, startup founders, and next-gen family office heads.

Premium high-rise residences in Worli today command between ₹65,000 and ₹1,00,000+ per sq ft, placing the locality in the same league as international hotspots such as New York’s Lower Manhattan or London’s Mayfair.

The submarket is characterized by a very steep price-to-size gradient. Properties worth less than ₹8 crore are, in all probability, less than 1,000 sq ft in area, while the area of the ₹8–16 crore range is 1,000–2,000 sq ft. The value of the rich homes is typically around ₹16–24 crore with roughly 2,000–3,000 sq ft, and those from ₹24 to 32 crore are further elongated to 3,000–4,000 sq ft. Ultra-luxury homes priced at over ₹32 crore are less than 4,000 sq ft.

Two decades of infrastructure and residential transformation—from erstwhile industrial clusters to curated lifestyle zones—have resulted in 4–5 million sq ft of premium residential and retail space currently under development.

EDL has forecast pre-sales of approximately ₹5,000 crore for FY26 due to launch plans and a land bank of over 3,000 acres. So far, it has delivered over 75 million sq ft of commercial space for sale across 22 locations, including Bengaluru, MMR, Delhi-NCR, Chennai, and Indore.

The move marks a substantial foray into Mumbai’s luxury residential space and reflects not only an increased desire for such property in prime locations but also a strategy for disciplined growth on the part of EDL. Experts state that instead of targeting broad audiences in saturated markets such as Mumbai, adopting a more refined approach can also allow developers to retain pricing power for their products.