Embassy Developments signed a memorandum of understanding to sell an entire residential tower at its Embassy Terazza project in Juhu for ₹711 crore. The buyer is Dinesh Thakkar, founder and CMD of Angel One Limited.

The transaction, announced on September 22, 2026, involves a G+7 storey structure with a RERA carpet area of 63,000 sq. ft. Company officials described the deal as the largest single residential unit transaction in India.

Deal Structure and Project Details

Embassy Terazza is an ultra-luxury low-density development spanning over 2 acres on Juhu Tara Road. The project features approximately 50 residences across five towers, with one residence per floor. The estimated gross development value (GDV) for the entire project exceeds ₹3,000 crore.

The development follows a development management model. It joins other Mumbai Metropolitan Region projects including Embassy Citadel in Worli and Embassy Serenity in Alibaug.

Strategic Context

Jitendra Virwani, Chairman of Embassy Developments Limited, noted that the acquisition reflects trust in the brand within 18 months of launching in Mumbai. Thakkar stated the purchase was driven by requirements for privacy, spaciousness, and sea views.

What the Numbers Show

The ₹711 crore price tag for a single unit represents approximately 24% of the project's total estimated gross development value of ₹3,000 crore. This concentration highlights the premium pricing power in the ultra-luxury segment of the Mumbai market.

Embassy Developments has approved raising up to ₹160 crore through the private placement of non-convertible debentures. The Board’s constituted committee granted the enabling authorization during its meeting on September 19, 2026.

The company will issue up to 16,000 NCDs with a face value of ₹1,00,000 each. These instruments are rated, secured, redeemable, and taxable but will not be listed on any stock exchange. The issuance is structured to occur in one or more tranches, series, or parts thereof, as and when required by the company.

Deal Structure and Terms

The NCDs will be secured by a charge on identified assets of Embassy Developments or its subsidiaries. Specific terms regarding tenure, coupon rates, interest payment schedules, and redemption mechanisms remain to be finalized. These details will be mutually agreed upon between the relevant parties and approved by the Board’s constituted committee from time to time.

Regulatory Disclosures

The approval was disclosed under Regulation 30 of the SEBI LODR Regulations, 2015, read with the SEBI master circular dated January 30, 2026. This disclosure serves as an enabling authorization; further details including the specific amount, purpose, and material terms for each tranche will be disclosed at the time of actual issuance in compliance with applicable laws.

Embassy Developments, formerly Equinox India Developments Limited, maintains its registered office in Gurugram with operational offices in Bengaluru and Mumbai. The disclosure was signed by Vikas Khandelwal, Company Secretary.