MUMBAI: The Bengaluru-based Embassy Developments has finally made its entry into Mumbai, the nation’s costlier realty market with three luxury residential projects investing in Rs 7,000 crore which will have a gross development value (GDV) of Rs 12,000 crore on completion. Of the Rs 7,00-crore investment over the next seven years, the biggest is the Worli project involving Rs 4,500 crore. The 83-storey single tower on completion over the next seven years will become the second tallest building in the city of skyscrapers.
Currently, the tallest building in the megapolis by floor count is the Palais Royale in Worli with 88 floors (320 meters) is a supertall residential skyscraper that also ranks as the country’s tallest residential tower, while the Lokhandwala Minerva is a close contender with 79 floors. The upcoming Piramal Aranya Arav has 83 floors and the World One has 76 floors.
The Worli project near the Four Seasons Hotel, named Embassy Citadel, is an ultra-luxury residential development encompasses around 1 million sqft in carpet area across 316 units with a GDV exceeding Rs 8,800 crore, Jitu Virwani, chairman of Embassy Developments said on Tuesday.
The project features 3, 4,& 5-bedroom homes, along with two exclusive triplex mansion residences. Aditya Virwani, managing director, Embassy Group, told TNIE that the project has all the necessary approvals in place and booking will start within a few weeks.
The other investment are Juhu and Alibaug, across the Easter seaface of the city, and the three projects combined will have 1.58 million sqft total development area. He hopes to complete the ultra-luxe Juhu and Alibaug projects in two to three year and the signature Worli tower in seven years given the height of the project.
The proposed Juhu project spans around 0.33 million sqft in carpet area across 50 units with an estimated GDV of Rs 3,000 crore from 50 homes spread across 2 acres and the Alibaug lifestyle and second-home residential segment project comprises around 0.20 million sqft in carpet area across 111 units with a GDV of Rs 400 crore. The company will also focusing on finishing around 5,000 units across legacy projects which came through the Indiabulls takeover.
“We are ready for the next chapter of growth in Mumbai,” Virwani told reporters here. “Mumbai is an important market for us. We will be investing Rs 7,000 crore in MMR,” managing director Aditya Virwani said, adding the investments will be focused on completing the three ongoing housing projects and three new projects.
The junior Virwani said the investments will be met mostly through internal accruals and the rest in debt. 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, the Embassy Group has developed approximately 75 million sqft of saleable area to date, primarily office space. The group has a major presence in Bengaluru, MMR, Delhi-NCR, Chennai and Indore.