Property developer Embassy Developments (EDL) has forayed into the residential real estate market in the Mumbai Metropolitan Region (MMR) with three new projects, marking its entry into India’s most expensive housing market.
Embassy’s foray follows its takeover of Indiabulls Real Estate last year and comes at a time when its Bengaluru-based peers — Prestige Estates, Puravankara, and Sobha — have all expanded into Mumbai, underscoring the city’s growing pull for southern developers.
South-to-West Pivot
The company plans to invest Rs 4,500 crore to develop luxury projects in Worli, Juhu, and Alibaug, a beach town near Mumbai. The three projects will together have a gross development value (GDV) of over Rs 12,000 crore and a total development area of 1.58 million sq. ft (carpet area), said Aditya Virwani, Managing Director, Embassy Developments. Launches are slated for the fourth quarter of 2026.
“You should be in MMR if you are looking at a business of upwards of Rs 20,000 crore,” Virwani said.
Embassy Citadel, the company’s flagship 1-million-sq.-ft ultra-luxury project in Worli, has a GDV of Rs 8,800 crore. Apartments will start from Rs 15 crore.
In Juhu, Embassy plans a 0.33 million sq. ft luxury residential project with a GDV of Rs 3,000 crore, where apartments will start from Rs 50 crore. In Alibaug, it is developing a resort-style, second-home project valued at Rs 400 crore, with homes priced below Rs 5 crore.
Balancing the Portfolio
According to Anarock Property Consultants, the MMR market recorded the highest sales in 2025 — around 1,27,875 units — though it saw an 18% annual decline in volume.
When asked about the slowdown, Virwani said Embassy is taking a cautious approach.
“We have both suburbs play as well as South Mumbai play. We might shift the play depending on real estate cycles,” he said.
The developer is also preparing to launch three new projects in Panvel by the end of the calendar year, targeting mid-income buyers with prices starting from Rs 60 lakh.
“We don’t want to do too much luxury. We will also do high-volume mid-income projects which sell in all cycles,” Virwani said.
One of the Panvel projects will include plotted developments, he added.
Virwani said the company would avoid aggressive participation in redevelopment projects in Mumbai, citing lower margins.
“We are looking at many new projects, but we will cherry-pick them,” he said, adding that projects should offer margins of over 25% to be considered.
He added that real estate is a long-term and cyclical play, and consolidation in the sector is expected to rise.
The Embassy Group, promoted by Jitu Virwani, earlier sponsored and listed Embassy Office Parks REIT, India’s first listed REIT, and also listed its co-working arm, WeWork India.