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Embassy Developments Ltd is expecting a sharp rise in residential sales bookings during the current financial year, driven by strong housing demand and fresh project launches in the Mumbai Metropolitan Region. The company's management has indicated that bookings could increase to around INR 5,000 crore, nearly two-and-a-half times the level recorded last year. Momentum has picked up following the takeover of Indiabulls Real Estate, with sales already crossing INR 2,000 crore in the first nine months of the fiscal. New luxury launches in Mumbai and sustained sales in existing projects are expected to support growth. The developer is also investing heavily in completing legacy projects while expanding its footprint in premium residential markets.
Embassy Developments Ltd (EDL) is projecting a significant rise in residential sales bookings during the ongoing financial year, with volumes expected to touch around INR 5,000 crore amid robust housing demand and an active launch pipeline. The company's managing director, Aditya Virwani, said business activity has accelerated following the integration of Indiabulls Real Estate, enabling the developer to scale up both sales and execution. Advertisement
During the first nine months of the current fiscal, EDL has already recorded property sales worth approximately INR 2,000 crore. The management remains confident of adding another INR 3,000 crore in bookings during the final quarter, supported by new residential launches in the Mumbai Metropolitan Region (MMR) and continued sales momentum in ongoing projects.
The company had reported sales bookings of INR 2,031 crore in the previous financial year, marginally higher than INR 1,838 crore achieved in 2023-24. According to Virwani, the current focus is on completing a set of legacy housing projects inherited through earlier transactions, while simultaneously bringing new developments to market. Equity capital raised last year is being deployed to accelerate construction across ongoing projects and improve delivery timelines.
Over the past week, the company also announced plans to invest around INR 7,000 crore in the Mumbai market. This investment will be used to develop three new luxury residential projects and to complete three existing developments in the region. The upcoming projects are located in Juhu, Worli and Alibaug, all within the broader MMR.
EDL expects these three new developments to collectively generate revenue in excess of INR 12,000 crore. The Worli project, Embassy Citadel, will comprise 316 units and is estimated to contribute nearly INR 9,000 crore in revenue. The Juhu development will include 50 units with projected revenue of around INR 3,000 crore, while the Alibaug project will feature 111 units and is expected to generate approximately INR 400 crore.
In addition to new launches, the company will invest in completing three legacy housing projects in MMR, together accounting for nearly 5,000 units. Embassy Group, headquartered in Bengaluru, operates three listed entities, including Embassy Developments, WeWork India and Embassy Office Parks REIT, and has delivered around 75 million sq ft of real estate across India, largely in the office segment.
Source - PTI
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