Embassy Developments Limited (EDL), a prominent player in India's real estate sector, has made significant strides in resolving its legacy project portfolio. The company has successfully completed and delivered six long-delayed real estate projects, providing housing solutions to approximately 3,000 families.

Project Completion Details

EDL has secured Occupation Certificates (OCs) for these developments, marking a substantial recovery in its previously stalled project portfolio. The completed projects span across multiple cities, showcasing the company's wide-reaching impact:

Impact and Future Outlook

The completion of these projects represents a significant milestone for Embassy Developments. By resolving legacy challenges and fulfilling commitments, the company has:

1. Strengthened customer confidence
2. Unlocked embedded portfolio value
3. Positioned itself for future growth

Sachin Shah, CEO & Executive Director of Embassy Developments Ltd., emphasized the company's commitment, stating, "The successful resolution and delivery of these long-pending projects mark a turning point for Embassy Developments. We have demonstrated our execution strength and commitment to customers."

Transition to Resident-Led Management

As part of the project completions, EDL is facilitating the transition to resident-led management:

• The Blu Estate & Club is scheduling condominium association elections.
• The Sky Forest is in the final stages of transitioning to resident-led management.
• Centrum Park in Gurugram is now operating as a fully self-governed community.

Conclusion

Embassy Developments' successful delivery of these six projects not only resolves long-standing issues but also reaffirms the company's dedication to its customers and stakeholders. As the real estate sector in India continues to evolve, EDL's focus on project completion and customer satisfaction positions it well for future growth and success in the market.

Embassy Developments Limited (formerly known as Indiabulls Real Estate Limited) has secured a significant legal victory in its ongoing dispute with the Maharashtra Industrial Development Corporation (MIDC) regarding a Special Economic Zone (SEZ) development project.

Court Decision

The Bombay High Court has upheld an interim order issued by the Nashik Court, which had previously stayed an eviction order against Embassy Developments Limited and its subsidiary, Indiabulls Industrial Infrastructure Limited (IIIL). This eviction order was originally issued by the Executive Engineer of MIDC in relation to the SEZ development dispute.

Implications for the Company

This court decision represents a positive development for Embassy Developments and its subsidiary. The ruling not only prevents their immediate eviction but also directs MIDC to consider the revised plan submitted by the companies. This outcome potentially allows Embassy Developments and IIIL to continue their involvement in the SEZ project, subject to further negotiations and approvals.

Company's Disclosure

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Embassy Developments Limited has officially informed the stock exchanges about this development. The company's disclosure states that the Bombay High Court's order was passed on September 22.

Background of the Dispute

The dispute between Embassy Developments, IIIL, and MIDC revolves around the development of a Special Economic Zone. While the specific details of the disagreement are not provided, the court's decision to uphold the stay on the eviction order suggests that there are complex issues at play that require further consideration.

Looking Ahead

The court's direction for MIDC to consider the revised plan submitted by Embassy Developments and IIIL opens up the possibility for a resolution to the ongoing dispute. Stakeholders will likely be watching closely to see how MIDC responds to the revised plan and what implications this may have for the future of the SEZ project.

Embassy Developments Limited continues to keep its shareholders and the public informed about these significant developments affecting its business operations.