Embassy Developments to Pump Rs 7000 Crore into Mumbai's Luxury Housing Market
Mumbai: Real estate firm Embassy Developments has announced a significant investment of Rs 7,000 crore in the Mumbai property market. This substantial investment is aimed at building three new luxury housing projects and completing three ongoing properties, as part of the company's strategy to expand its business amid robust consumer demand.
Embassy Developments Ltd (EDL) will soon launch three new projects in strategic locations within the Mumbai Metropolitan Region (MMR), including Juhu, Worli, and Alibaug. These areas are known for their premium real estate and high demand for luxury living.
EDL, formerly known as Indiabulls Real Estate Ltd, is a leading real estate company listed on stock exchanges. The Bengaluru-based Embassy Group, which also owns WeWork India and Embassy Office Parks REIT, has a strong footprint in the Indian real estate market.
“We are ready for the next chapter of growth in Mumbai,” EDL Chairman Jitu Virwani told reporters. He emphasized that the housing demand remains strong, particularly in the luxury segment. “Mumbai is an important market for us. We will be investing Rs 7,000 crore in MMR,” EDL Managing Director Aditya Virwani added.
The investment will primarily focus on completing the three ongoing housing projects and launching three new ones. Aditya Virwani stated that the company expects to generate more than Rs 12,000 crore in revenue from these new housing projects.
Established in 1993, the Embassy Group has a rich history of developing high-quality real estate projects. To date, the group has developed approximately 75 million square feet of saleable area, cementing its position as a leader in the Indian real estate market.
This significant investment by Embassy Developments is expected to not only boost the luxury housing market in Mumbai but also contribute to the overall economic growth of the region. The company's strategic approach and strong market presence make it well-positioned to capitalize on the growing demand for premium residential properties in the MMR.
The announcement of this investment comes at a time when the Indian real estate sector is witnessing a resurgence, driven by favorable government policies and a positive economic outlook. With this substantial investment, Embassy Developments is poised to further solidify its position as a key player in the luxury housing market of Mumbai.
