According to a filing with the exchange, the company said that it has signed a Memorandum of Understanding (MoU) for the sale of an entire residential tower at its ultra-luxury development, Embassy Terazza, in Juhu to Dinesh Thakkar, Founder, Chairman and Managing Director of Angel One.
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The company further said that the deal is the largest single residential unit transaction in the country. The residence comprises an entire G+7 storey tower with a RERA carpet area of 63,000 sq ft, and a transaction value of approximately Rs 711 crore.
The ultra-luxury project is part of a five-tower development spread over 2 acres of land with 50 residences and has an estimated Gross Development Value (GDV) of over Rs 3,000 crore. This project, scheduled to be completed by December 2031, is being executed by Embassy Developments under a development management model.
“Over the last three decades, Embassy has built a deep understanding of what today’s homebuyers value most. We have brought that same philosophy to Mumbai, and in a relatively short period, it has resonated with some of the country’s most discerning buyers,” said Jitendra Virwani, Chairman, Embassy Developments.
“Dinesh Thakkar’s acquisition of an entire tower at Embassy Terazza is a strong endorsement of that vision and the trust the Embassy brand has earned in Mumbai within 18 months of launching in the city,” Virwani further said.Located on Juhu Tara Road, one of Mumbai’s most coveted residential addresses and home to leading business families, industrialists and celebrities, Embassy Terazza is an ultra-luxury low-density development spanning over 2+ acres with approximately 50 residences and has an estimated Gross Development Value (GDV) in excess of Rs 3,000 crore.
The company also said that the design features include one residence per floor across the five towers, offering panoramic sea and city views, thoughtfully planned layouts, lush internal gardens, and curated wellness and lifestyle amenities and this project is being developed by Embassy Developments Limited under a development management model.
“Juhu has always had a special character that very few locations in Mumbai can match. When I started looking for a new home, my focus was on privacy, spaciousness, exceptional sea views and creating a luxurious, iconic sanctuary that would become our family home,” said Dinesh Thakkar, Founder, Chairman and Managing Director, Angel One.
“‘Angelus’ is what we have named our new dream home, which is being crafted into reality by the Embassy Group. Embassy Terazza brings together all these aspirations in one project.”
Joining Embassy Citadel in Worli and Embassy Serenity in Alibaug, Embassy Terazza further strengthens EDL’s growing residential footprint across the Mumbai Metropolitan Region, alongside its ongoing projects, Embassy Park in Panvel and Embassy One in Thane, the company added.
Embassy Developments (formerly known as Equinox India Developments Limited) (EDL) is one of India’s largest listed real estate developers, specialising in the development of residential and commercial projects across key urban markets.
Embassy Developments share price movement
The stock of Embassy Developments was down 8.49% in the last one month and nearly 39% in the last one year. The stock was down 24.24% in the last three years and 59.12% in the last five years.
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