Embassy Group to invest Rs 7K cr in Mumbai housing mkt to expand biz

Mumbai, Jan 20 (PTI) Realty firm Embassy Developments on Tuesday said it will invest Rs 7,000 crore in the Mumbai market to build three new luxury housing projects and complete three ongoing projects as part of its strategy to expand its business amid strong consumer demand.

Embassy Developments Ltd (EDL) will soon launch three projects at Juhu, Worli and Alibaug in the Mumbai Metropolitan Region (MMR).

EDL, erstwhile Indiabulls Real Estate Ltd, is listed on the stock exchanges and is one of the leading real estate companies in the country.

Bengaluru-based Embassy Group also has two other listed firms -- WeWork India and Embassy Office Parks REIT.

"We are ready for the next chapter of growth in Mumbai," EDL Chairman Jitu Virwani told reporters here.

He said the housing demand continues to be strong.

"Mumbai is an important market for us. We will be investing Rs 7,000 crore in MMR," EDL Managing Director Aditya Virwani said.

He said the investments will be focused on completing the three ongoing housing projects and three new projects.

The investment will be met through internal accruals. The company might raise some debt.

Aditya said the company is expecting more than Rs 12,000 crore in revenue from the three new housing projects.

Elaborating on the new projects, the company said it will develop 316 units at the Embassy Citadel project in Worli with an estimated revenue of nearly Rs 9,000 crore.

EDL will develop 50 units in Juhu with an estimated revenue of Rs 3,000 crore. It will build 111 units in Alibaug with a projected revenue of Rs 400 crore.

Apart from launching new projects, EDL will invest in completing three legacy housing projects in the MMR, comprising around 5,000 units.

Established in 1993, Embassy Group has developed approximately 75 million square feet of saleable area to date, primarily office space.

EDL has a major presence in Bengaluru, MMR, Delhi-NCR, Chennai and Indore markets. PTI MJH DRR