Mumbai, Jan 20 (PTI) Realty firm Embassy Developments on Tuesday said it will invest Rs 7,000 crore in the Mumbai property market to build three new luxury housing projects and complete three ongoing properties
as part of its strategy to expand 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 stock exchanges as 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 told reporters here.
He said the investments will be focused on completing the three ongoing housing projects and three new projects.
Aditya said the company expects more than Rs 12,000 crore in revenue from the three new housing projects.
Established in 1993, Embassy Group has developed approximately 75 million square feet of saleable area to date. PTI MJH DRR
