New Delhi, Jan 25 (PTI) Realty firm Embassy Developments Ltd's sales bookings will jump two-and-a-half times to Rs 5,000 crore this fiscal on strong housing demand, a top company official said.
In an interview
with PTI, Embassy Developments Ltd (EDL) Managing Director Aditya Virwani noted that the company's business activities have now gathered pace after the takeover of Indiabulls Real Estate (IBREL).
"We have sold properties worth about Rs 2,000 crore in the first nine months of this fiscal," he said.
Virwani expressed confidence that the company would be able to sell housing properties worth Rs 3,000 crore during the current quarter with the help of new launches of residential properties in Mumbai Metropolitan Region (MMR) as well as sustenance sales in the existing projects.
Embassy Developments clocked sales of Rs 2,031 crore last fiscal as against Rs 1,838 crore in 2023-24.
Virwani said the company is now completely focusing on completing a few legacy housing projects and also launching new properties.
It raised equity funds last year to expedite construction activities across the ongoing projects, he added.
Last week, Virwani announced that it will invest Rs 7,000 crore in the Mumbai market to build three new luxury housing projects and complete three ongoing properties.
EDL will soon launch three projects at Juhu, Worli and Alibaug in the Mumbai Metropolitan Region (MMR).
Virwani said the company is expecting more than Rs 12,000 crore in revenue from these three new housing projects.
Elaborating on the new projects, the company said it will develop 316 units at 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 the launch of new projects, EDL will invest in completion of three legacy housing projects in the MMR comprising around 5,000 units.
Bengaluru-based Embassy Group has three listed firms -- EDL, WeWork India and Embassy Office Parks REIT.
Established in 1993, Embassy Group has developed around 75 million square feet of saleable area so far, majorly office spaces.
EDL, erstwhile Indiabulls Real Estate Ltd, is one of the leading real estate companies in the country with a major presence in Bengaluru, MMR, Delhi-NCR, Chennai and Indore markets. PTI MJH MR
