Embassy Developments shares rise 8% on 'largest single residential unit transaction'; Angel One founder buyer

Shares of real estate major Embassy Developments Limited rose up to 8% in early deals today after the Mumbai-based firm announced the sale of an entire residential tower in Mumbai worth Rs 711 crore. Embassy Developments shares zoomed 8% to Rs 63.69 against the previous close of Rs 58.98. Market cap of the firm rose to Rs 8,288 crore.

The company said Dinesh Thakkar, Founder, Chairman and Managing Director of Angel One Limited (“AOL”) was the buyer in the deal. The deal is the largest single residential unit transaction in the country. the tower comprises an entire G+7 storey tower with a RERA carpet area of 63,000 sq. ft.

"Located on Juhu Tara Road, one of Mumbai’s most coveted residential addresses and home to leading business families, industrialists and celebrities, Embassy Terazza is an ultra-luxury low-density development spanning over 2+ acres with approximately 50 residences and has an estimated Gross Development Value (GDV) in excess of Rs 3,000 crore," said Embassy Developments.

Dinesh Thakkar, Founder, Chairman and Managing Director, Angel One Limited said, “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."

Commenting on the development, Jitendra Virwani, Chairman, Embassy Developments Limited, said, “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. 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.”

Embassy Developments Limited (EDL) is an Indian real estate development company primarily focused on the residential and commercial segments in high-growth urban markets.