India's Embassy Developments to invest $495 million in Mumbai luxury homes

By Dhwani Pandya

MUMBAI, Jan 20 (Reuters) - Indian property developer Embassy Development EMBS.NS will invest $495 million to build three luxury residential projects in Mumbai as part of its expansion in the country's financial capital, Managing Director Aditya Virwani said on Tuesday.

A rise in the number of wealthy Indians has created a rush for high-end homes, and even luxury cars, watches and bathroom fittings.

Embassy said it will launch three new residential projects in Mumbai's Worli, Juhu areas, and the nearby tourist hotspot of Alibaug. The three projects are likely to earn a total revenue of $1.32 billion on completion.

"Our strategy here is deliberate – we are not pursuing volume but building a small number of high-conviction developments," Virwani said. "Mumbai is a key pillar of our next chapter.”

Virwani said the Worli development - a single tower development comprising three-to-five-bedroom apartments, costing $1.6 million-$3.3 million - will take eight years to complete.

Embassy Development is part of Bengaluru-based Embassy Group, which is known for its development of large commercial office complexes. WeWork India is also controlled by the real estate group.