Embassy Developments to double down on luxury housing, says MD Aditya Virwani

Bengaluru: Embassy Developments Ltd (EDL), the residential development arm of Embassy Group, plans to renew its focus on premium and luxury projects, given the high demand from homebuyers, investors and non-resident Indians amid limited supply, managing director Aditya Virwani said in an interview.

In 2025-26, 125 residential units priced at over ₹10 crore were sold in Bengaluru, totaling ₹2,087 crore, compared to 84 similarly priced units sold in FY25, according to a recent Southern Indian High End Luxury Housing Report by CRE Matrix and Sotheby's International Realty. Embassy projects accounted for over 60% of the sales in Bengaluru in this price segment.

Hyderabad, however, remained the market leader in this segment, with 645 units sold for ₹8,562 crore, while Chennai was the smallest of the three, with 58 units sold for ₹727 crore.

“Bengaluru has a lot of scope to do more but supply is limited. This is why we want to double down on ultra-luxury housing. We want to be a brand known for luxury but also want to hit volumes with premium projects. Our definition of premium is typically an entry price of ₹2 crore in an Embassy project,” Virwani said.

This week, EDL is launching the first phase of an 85-acre development in north Bengaluru with ₹4,500 crore of gross development value (GDV). One of the two projects to be launched has 217 villas with a starting price of ₹14 crore. The second project has apartments priced at ₹2 crore and above. It will launch another premium residential tower, named Embassy One, with 59 units in the city.

₹8,000-crore sales booking target

EDL has a sales booking target of ₹8,000 crore in FY27, supported by a robust ₹19,500-crore launch pipeline. It has already launched inventory worth ₹9,000 crore.

In FY26, the developer reported around ₹4,631 crore of sales bookings. It expects Bengaluru to continue to lead, even as Mumbai steadily gains traction. “South India's luxury housing market has reached a pivotal inflection point. Hyderabad has emerged as the undisputed leader. Bengaluru is in the midst of a defining transformation with new corridors, proving that premium living is no longer confined to legacy addresses. Chennai, though smaller in scale, holds its own as a prestige-driven market with a distinctly niche buyer profile,” said Abhishek Kiran Gupta, co-founder and CEO, CRE Matrix.

EDL has lined up luxury projects in Mumbai, too. It recently launched a two-acre project with just 38 units, around 6,000 sq ft each, in the city's upmarket Juhu locality. The price per sq ft is above ₹1 lakh.

The developer entered south Mumbai through its ‘Citadel’ project in Worli, with apartments priced at ₹15 crore and up. “We think the project is a good value proposition in the Worli micromarket. At a later stage, when construction gains pace, we can go a little aggressive with pricing,” Virwani added. It will also launch a project in Alibaug, near Mumbai, which has gained a lot of attention as an extended premium housing address.

Interest from NRIs has also been on the rise, said Reeza Sebastian Karimpanal, chief revenue officer, residential, at EDL. NRIs previously accounted for 6-8% of its sales, but since the West Asia war this has increased to 8-10%, she said.

EDL will also launch a commercial office project in Gurugram this year. Bengaluru-based Embassy Group is the sponsor of the Embassy Office Parks REIT and promoter of shared workspace operator WeWork India.