Shares of real estate major Embassy Developments Limited rose up to 8% in early trading today following the announcement of a landmark residential transaction. The Mumbai-based firm confirmed the sale of an entire residential tower in Mumbai for Rs 711 crore, a deal that has been identified as the largest single residential unit transaction in the country.
The company's stock zoomed to Rs 63.69, an 8% increase from its previous close of Rs 58.98, pushing the firm's market capitalization to Rs 8,288 crore.
India's Largest Residential Transaction
The buyer in this significant deal is Dinesh Thakkar, Founder, Chairman, and Managing Director of Angel One Limited (AOL). The acquired property is an entire G+7 storey tower within the Embassy Terazza development, boasting a RERA carpet area of 63,000 sq. ft.
Embassy Terazza is an ultra-luxury, low-density development sprawling over 2+ acres on Juhu Tara Road, one of Mumbai’s most sought-after residential addresses. It features approximately 50 residences and has an estimated Gross Development Value (GDV) exceeding Rs 3,000 crore.
Dinesh Thakkar commented on his acquisition, stating, “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.”
Jitendra Virwani, Chairman, Embassy Developments Limited, highlighted the company's understanding of discerning homebuyers. “Mr. Dinesh Thakkar's acquisition of an entire tower at Embassy Terazza is a strong endorsement of that vision and the trust the Embassy brand has earned in Mumbai within 18 months of launching in the city,” Virwani added.
About Embassy Developments Limited
Embassy Developments Limited (EDL) is an Indian real estate development company. It primarily focuses on residential and commercial segments within high-growth urban markets, establishing itself as a key player in the country's real estate landscape.