Embassy Developments Sells Entire Residential Tower for ₹711 Crore
Embassy Developments Limited signed an MoU to sell an entire residential tower at Embassy Terazza, Juhu, for ₹711 crore. The buyer is Mr. Dinesh Thakkar of Angel One Limited. This marks India's largest single residential unit transaction, involving a G+7 tower with 63,000 sq. ft. carpet area.
The sale of an entire tower for ₹711 crore is a major transaction that will significantly impact the company's financials and is a landmark deal in the Indian real estate market.
The announcement details a significant sale of a luxury residential tower for a substantial amount, which is a positive development for the company's revenue and market positioning.
Embassy Developments Limited (EDL) has announced the signing of a Memorandum of Understanding (MoU) for the sale of an entire residential tower at its ultra-luxury development, Embassy Terazza, in Juhu, Mumbai.
The buyer is Mr. Dinesh Thakkar, Founder, Chairman, and Managing Director of Angel One Limited. This transaction, valued at approximately ₹711 crore, is reported to be the largest single residential unit transaction in India. The sale encompasses an entire G+7 story tower with a RERA carpet area of 63,000 sq. ft.
Embassy Terazza is an ultra-luxury, low-density development located on Juhu Tara Road, featuring approximately 50 residences across five towers, each offering panoramic sea and city views. The project is being developed by Embassy Developments Limited under a development management model.
Jitendra Virwani, Chairman of Embassy Developments Limited, commented that the acquisition by Mr. Thakkar is a strong endorsement of the Embassy brand's vision and trust in Mumbai. Dinesh Thakkar expressed his satisfaction, naming his new home 'Angelus' and highlighting Embassy Group's capability in creating an architectural marvel true to his vision.
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Embassy Developments Limited filed this with the NSE as a statutory disclosure, categorised under other corporate actions. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Embassy Developments Limited. Read the original for the full detail.