Embassy Developments To Sell Housing Tower In Mumbai To Angel One CMD For ₹711 Cr

Realty firm Embassy Developments has agreed to sell a luxury residential tower in Mumbai to Angel One CMD Dinesh Thakkar for ₹711 crore, marking one of the largest housing deals in the country.

The tower has a total carpet area of 63,000 sq ft.

In a regulatory filing on Tuesday, the company said it has signed a Memorandum of Understanding (MoU) "for the sale of an entire residential tower at its ultra-luxury development, Embassy Terazza, in Juhu to Dinesh Thakkar, Founder, Chairman and Managing Director of Angel One Ltd." The deal is the largest single residential unit transaction in the country.

The seven-storey tower has a RERA carpet area of 63,000 sq ft, and a "transaction value of approximately ₹711 crore".

The 2-acre project is located on posh Juhu Tara Road, one of Mumbai's most coveted residential addresses, and home to leading business families, industrialists and celebrities, and has five towers.

The company expects a revenue of ₹3,000 crore from this project.

This project is being developed under a development management (DM) model.

"Dinesh Thakkar's acquisition of an entire tower at Embassy Terazza is a strong endorsement of the vision and the trust the Embassy brand has earned in Mumbai within 18 months of launching in the city," Jitendra Virwani, Chairman of Embassy Developments, said.

Thakkar, Founder and CMD of Angel One, 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." Angel One is a leading retail full-service broking house. It offers a wide range of innovative services, including online trading and investing, advisory, margin trading facility, algorithmic trading, smart orders, etc.

Embassy Developments is one of the country's leading real estate firms. It has a major presence in Mumbai Metropolitan Region, Delhi-NCR, Bengaluru, Chennai and Indore. It develops both housing and commercial projects.

The company is part of Bengaluru-based Embassy Group that has sponsored Embassy Office Parks REIT and is promoter of WeWork India.