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.

Embassy Developments has announced a significant milestone in its real estate portfolio. The company's latest luxury plotted development, 'Paradiso,' located within the Embassy Springs township in North Bengaluru, has completely sold out, generating a total revenue of ₹204.00 crore.

Project Details

Paradiso, spanning approximately 6.4 acres, offers large-format plots ranging from 4,300 to 4,800 square feet. The plots were priced starting at ₹4.30 crore, attracting high-net-worth individuals and new-age buyers looking for premium residential plots in low-density, infrastructure-ready communities.

Strategic Location

The project is part of Embassy Springs, the largest integrated township in North Bengaluru. Situated just 15 minutes from Kempegowda International Airport, Embassy Springs boasts over 100 amenities, 45 acres of green open spaces, and an 18-kilometre internal road network. The township, launched in 2016, has evolved into a fully established urban ecosystem, featuring a school, senior living facility, and wellness zones.

Market Trends

Shailendra Subbaraya, Chief Operating Officer – South at Embassy Developments, commented on the swift sell-out, noting two significant shifts in the residential market:

1. A growing preference among new-age buyers for plotted living within integrated communities.
2. Sustained interest in North Bengaluru as a future-ready residential hub.

Subbaraya stated, "Today's homebuyer is looking beyond just an apartment; they want space, flexibility, community infrastructure, and long-term appreciation. Plotted developments like Paradiso allow us to meet these aspirations while also unlocking value through capital-efficient formats."

Future Plans

With the success of Paradiso and the thriving Embassy Springs ecosystem, Embassy Developments is gearing up to accelerate its next phase of launches. The company aims to capitalize on the strong demand for its real estate offerings in the North Bengaluru market.

About Embassy Developments

Embassy Developments, formerly known as Equinox India Developments Limited and earlier as Indiabulls Real Estate Limited, is a leading real estate developer in India. The company specializes in residential, commercial, and Special Economic Zone (SEZ) projects across major Indian cities, with a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR).

The company's diverse residential portfolio includes:

• Branded residences
• Uber-luxury apartments and villas
• Exclusive townhomes
• Condominiums
• Integrated townships
• Senior living communities
• Contemporary homes across various market segments

Embassy Developments is committed to building resilient ecosystems and fostering social, economic, and environmental progress in the communities it serves. The company has a long-term debt rating of IVR A- Stable from Infomerics.

The success of the Paradiso project underscores Embassy Developments' strong position in the luxury real estate market and its ability to meet the evolving demands of high-end property buyers in Bengaluru's rapidly growing northern corridor.