Embassy Developments Private Ltd, a part of the Embassy Group, is set to enter Mumbai’s luxury residential market with its first “ultra-luxury project” in the city, sources told Moneycontrol.
The project, which will come up on a two-acre land parcel on E Moses Road near Worli Naka in South Mumbai, is scheduled for launch in the fourth quarter of the current fiscal.
Targetted at the city’s top-end homebuyers, the apartments will be offered at a starting price of Rs 15–20 crore. Embassy plans to offer flexible configurations and premium layouts “appealing to luxury buyers seeking larger footprints”.
“The company is likely to offer apartments in sizes all across the spectrum, starting at 2,000 square feet going up all the way to 5,500 square feet. The options of combined flats (Jodi flats) or flexible flats will also be offered in the project,” one of persons cited above said.
Sources said that the project’s standout feature would be an unusually high amenities-to-area ratio 10, which means that 10 percent of the total area will be reserved for such facilities.
Total development size, investment value and other details would be shared closer to launch in January.
The project would mark the company’s diversification beyond Bengaluru-led concentration in residential segment and foray its entry into South Mumbai’s ultra-luxury segment.
The launch aligns with rising luxury demand in India’s most expensive housing market.
Market observers said that with Mumbai topping luxury housing sales charts and supply tightening in core micro-markets, Embassy’s timing aligns with a cycle favouring premium launches, high-ticket absorption and brand-led differentiation, sources said.
Embassy Group has three listed companies. One is the Embassy REIT, which is the company’s rental business arm. The second one is WeWork, which listed and the third is the development company (Devco) and this is the formation of Embassy developments through a reverse merger of Indiabulls.
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