Embassy Developments has announced a landmark transaction with Dinesh Thakkar, Founder, Chairman, and Managing Director of Angel One, for the sale of an entire residential tower at its ultra-luxury development, Embassy Terazza, in Juhu. The deal, valued at approximately Rs 711 crore, is reported to be the largest single residential unit transaction in India.
The Embassy Terazza project, located on Juhu Tara Road, comprises a G+7 storey tower with a RERA carpet area of 63,000 sq ft. This ultra-luxury development is part of a five-tower project spread over 2 acres, with an estimated Gross Development Value (GDV) of over Rs 3,000 crore. Scheduled for completion by December 2031, the project is being executed by Embassy Developments under a development management model.
Embassy Developments, formerly known as Equinox India Developments Limited, is one of India's largest listed real estate developers. The company specializes in residential and commercial projects across key urban markets. The Embassy Terazza project features one residence per floor across the five towers, offering panoramic sea and city views, lush internal gardens, and curated wellness and lifestyle amenities.
“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.”
Jitendra Virwani, Chairman, Embassy Developments
Dinesh Thakkar expressed his satisfaction with the acquisition, stating that the project aligns with his aspirations for privacy, spaciousness, and exceptional sea views. The project, named 'Angelus', is envisioned as a luxurious family sanctuary.
Embassy Developments' share price has experienced a decline, dropping 8.49% in the last month and nearly 39% over the past year. Despite these challenges, the company continues to expand its residential footprint in the Mumbai Metropolitan Region, with ongoing projects such as Embassy Citadel in Worli and Embassy Serenity in Alibaug.
“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.”
Dinesh Thakkar, Founder, Chairman and Managing Director, Angel One
Background
Embassy Developments is a key player in India's real estate market, known for its high-end residential and commercial projects. The recent transaction with Dinesh Thakkar highlights the increasing demand for luxury properties in Mumbai, a city known for its prime real estate market.
The acquisition by Dinesh Thakkar underscores the growing demand for ultra-luxury residences in Mumbai, a trend that Embassy Developments is well-positioned to capitalize on. As the project progresses, stakeholders will be keenly observing its impact on the real estate market and the company's financial performance.
