Embassy Developments to invest ₹4,500 crore to expand its Mumbai footprint

Embassy Developments will invest Rs 4,500 crore to launch three luxury residential projects in Mumbai with a GDV of Rs 12,000 crore, expanding its MMR footprint from Q4 FY26

Embassy Group-promoted Embassy Developments will invest Rs 4,500 crore to expand its Mumbai metropolitan region (MMR) footprint with the launch of three new luxury residential projects with a gross development value (GDV) of Rs 12,000 crore.

 

The launches will commence from Q4 FY26. Embassy will launch three more premium projects later in calendar year 2026, all in Panvel, with one of them being a plotted development, taking the total investments to Rs 7,000 crore and GDV to Rs 18,000 crore.

 

The three projects that are gearing up for launch are Embassy Citadel, Worli—an ultra-luxury residential development encompassing approximately 1 million square feet (msf) of RERA carpet area with a GDV of over Rs 8,800 crore; an ultra-luxury residential project in Juhu spanning approximately 0.33 msf of RERA carpet area with an estimated GDV of Rs 3,000 crore; and a lifestyle/second home project in Alibaug comprising approximately 0.2 msf of RERA carpet area with a GDV of Rs 400 crore.

 

 

Aditya Virwani, managing director, Embassy Developments, during a media presentation here on Tuesday, said, “Our way forward is quite simple. It’s to execute on the existing projects that we have, generate surplus for this company, and launch our projects that we have lined up. We are hungry for more deals in Mumbai. We want to cherry-pick deals. We want to do high-margin, high-conviction deals, and we are out there looking for opportunities.”

 

The company has over 600 acres of land bank across MMR, spread across the Raigad and Panvel region, where it sees traction because of the new airport. “Over time, this company will start monetising those lands. Our exposure in Mumbai today is at Rs 18,000 crore GDV, which would represent 30 per cent of this company. I can see this going up to 50 per cent very, very soon,” Virwani added.

 

On funding the said investments, Virwani told Business Standard that the company needs a little bit of bridge capital, but sales should be able to fund it. “I don’t think we’ll top up any debt on those projects that we mentioned; we’ve raised the money already,” he added.

 

Embassy Developments’ net debt stood at around Rs 2,939 crore as of the second quarter of the financial year 2026 (Q2 FY26), while its net debt-to-equity ratio is around 0.3x. The company aims to keep the ratio below the 0.5x ceiling.

 

“We still have a little bit of headroom, but we don’t see unnecessary reasons to leverage even for new business development. Because first, we’ll execute on this, generate surplus, reduce our cost of debt and our overall debt, and then we can look at raising more financing for business development,” Virwani said in a post-presentation interaction.

 

Earlier, Embassy’s pre-sales for the first nine months of FY26 stood at Rs 1,999 crore. The company has guided for pre-sales of Rs 5,000 crore for FY26. Virwani is confident of achieving the guidance, banking on big launches scheduled for Q4 FY26. He further added that the company will remain open to commercial opportunities in MMR.

 

Speaking about the moderation in demand, the company is banking on its vast land bank as a margin cushion. Jitu Virwani, chairman, Embassy Developments, during the media presentation, said, “We need to sell only 35 per cent of our inventory to have 100 per cent financial closure on these projects. We’re quite safe, but our view of the market is that the market is still doing well. And, in fact, we’ve had a very good response from all three projects.”