Rera

Embassy Developments Ltd. (“EDL” or “the Company”) (NSE: EMBDL / BSE: 532832) has received approval from the Maharashtra Real Estate Regulatory Authority (MahaRERA) for Phase I of Embassy Serenity, its first residential project in Alibaug within the Mumbai Metropolitan Region (MMR), marking the Company’s entry into the lifestyle and second-home segment.

Located in Thal Village, Alibaug, Embassy Serenity is envisioned as a resort-style retreat that combines tranquility with excellent connectivity to Mumbai via upgraded road and ferry infrastructure. Often referred to as the ‘Hamptons of Mumbai’, Alibaug has evolved into a preferred second-home destination for high-end homebuyers seeking greenery and exclusivity, away from the city bustle.

The overall project spans approximately 0.2 million sq. ft. of RERA carpet area with an estimated gross development value (GDV) of ~₹400 crore. Set across a 7-acre land parcel, the approved phase will feature five G+5 towers comprising 52 spacious residences in duplex and simplex configurations. The project launch is planned for this quarter, and possession targeted for 2030, subject to regulatory approvals and construction progress.

With over 52% open green spaces and a traffic-free podium, Embassy Serenity is designed as a nature-first development, where architecture is shaped by the landscape rather than imposed upon it. The project brings together globally acclaimed partners – Broadway Malyan (UK) for architecture and Coopers Hill (Singapore) for landscape design.

Nestled on a lush hillside, the architecture is articulated through soft curvilinear forms, open terraces, and vertical elements that create a dialogue between contemporary architecture and the tropical setting. While not beach-facing, the project’s immersive forest environment becomes its defining luxury.

A curated suite of amenities has been planned to support both social engagement and relaxation, including a clubhouse; a resort-style pool with a poolside bar and café; tennis, padel and pickleball courts; and multiple spaces designed for both intimate and larger gatherings.

Sachin Shah, CEO & Executive Director, Embassy Developments Ltd., said: “What we are seeing in Alibaug is not a trend, but a structural shift in how India’s most discerning homebuyers want to live. For many HNIs and UHNIs, the second home is more than a weekend escape – it is an extension of their primary lifestyle, where privacy, space, service, and setting matter as much as the location. Embassy Serenity has been conceived with this exact understanding. It is a low-density, managed residential retreat that offers the calm of a secluded hillside with the assurance of professional management and design excellence that Embassy is known for. As connectivity between Mumbai and Alibaug continues to improve, we believe this micro-market will increasingly mirror the evolution of premium coastal living seen globally.”

The residences at Embassy Serenity will be professionally managed by Embassy Services Private Limited (ESPL). Homeowners will also have access to WAYS (World At Your Service) – personalised lifestyle and housekeeping packages exclusive to Embassy residential communities.

The RERA approval comes amid a period of strong operating performance for EDL. The Company’s robust Q3 FY26 performance, during which it reported pre-sales of ₹1,392 crore (~240% QoQ growth), collections of ₹414 crore, and multiple RERA approvals across projects with an aggregate GDV exceeding ₹12,800 crore, has reinforced its growth visibility for FY26.

About Embassy Developments Limited

Embassy Developments Limited (formerly known as Equinox India Developments Limited and earlier as Indiabulls Real Estate Limited) (EDL) is one of India’s largest listed real estate developers, specialising in the development of residential and commercial projects across key urban markets. With a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR), the Company also has a presence in Chennai and Indore. EDL has a diversified residential portfolio with a well-balanced mix of high-value and high-volume developments across mid-income, premium, and luxury segments. Its portfolio of ready, ongoing, and future residential projects includes branded residences, uber-luxury apartments and villas, exclusive town homes, condominiums, integrated townships, senior living communities, and contemporary homes. The Company is listed on BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) and holds a long-term debt rating of IVR A- (Stable) from Infomerics. Further information is available at embassyindia.com

Disclaimer

This press release is for informational purpose only and does not constitute a prospectus, offering memorandum or an offer, or a solicitation of any offer, to purchase or sell any securities of Embassy Developments Limited (“Company“) or its existing or future subsidiaries (collectively, the “Group”) in any jurisdiction. Any offer or solicitation will be made only by means of definitive offering documents and in accordance with the terms of applicable securities and other laws. This press release should not be considered as a recommendation or advice to any person or investor to invest or subscribe for or purchase any securities of the Group or its existing or future subsidiaries (collectively, the “Group”) and should not be used as a basis for any investment decision. Recipients of this press release should conduct their own independent investigation and diligence, and/or consult their legal, tax, financial or other professional advisors as they deem fit. This press release contains certain forward‐looking statements based on current expectations, projections and assumptions and are subject to risks and uncertainties that could cause actual results, performances or events to differ materially from the results contemplated by the relevant forward-looking statement. These risks and uncertainties include the effect of economic and political conditions in India and outside India, volatility in interest rates and in securities markets, new regulations and government policies, the general state of the Indian economy, any delay in merger and the management’s ability to implement the company’s strategy that might impact the Group ‘s general business plans, its future financial condition and growth prospects. The information contained in this press release is only current as on the date hereof and is not indicative of future results. The Group is under no obligation to update these forward‐looking statements or to inform the recipient of any changes or developments arising after the date of this press release. Moreover, both express or implied press release or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this press release. Neither the Group nor any of its directors, officer, employees, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this press release. Furthermore, no person is authorized to give any information or make any press release which is not contained in, or is inconsistent with, this press release. Any such extraneous or inconsistent information or press release, if given or made, should not be relied upon as having been authorized by or on behalf of the Group.

Since the operationalisation of Real Estate Regulatory Authority (RERA), 1.19 lakh projects, comprising 97.14 lakh units, have been registered with top 10 State RERAs between 2017-2024, said a report by NSE-listed data analytics firm PropEquity.

The top ten States with the highest number of projects registered with their respective RERAs are Maharashtra, Tamil Nadu, Gujarat, Telangana, Madhya Pradesh, Andhra Pradesh, Karnataka, Uttar Pradesh, West Bengal and Rajasthan.

Maharashtra with 48,047 registered projects accounts for 40% of the total registered projects in top 10 states. Tamil Nadu with 19987 projects accounts for 17% share while Gujarat with 16,265 projects accounts for 14% share.

Samir Jasuja, Founder and CEO, PropEquity said: “Due to RERA, there has been a vast improvement in compliance by real estate developers as a result of which the sector has seen huge transparency. This has led to a rise in investment by individual investors, and both domestic and foreign institutional investors thereby further espousing not just India’s but also real estate sector’s growth story.”

“The real estate market across 9 top Tier 1 cities are today valued at over Rs 5.5 lakh crore. Unlike the pre-RERA years, absorption every year, post RERA implementation, has been more than launches (except covid year CY 2020), which shows the maturity that this regulation has ushered amongst developers thereby laying a strong foundation for a $1 trillion real estate economy.”

“The government must look to align strong regulations and compliance with favourable tax policies for both developers and homebuyers in order to achieve this vision.”

The PropEquity report further stated that at 184 units, the average number of units per project is the highest in Uttar Pradesh, followed by Rajasthan at 156 units and Gujarat at 116 units.

The average number of units per projects in top 10 states stands at 81 units.

Amongst cities, the top 10 with highest number of registered projects are Pune with 12,346 projects, Thane with 8858 projects, Hyderabad with 7180 projects, Mumbai with 6923 projects, Chennai with 6426 projects, Navi Mumbai with 5468 projects, Ahmedabad with 5367 projects, Nashik with 3759 projects, Vadodara with 2903 projects and Kolkata with 2680 projects.

PropEquity has been tracking data from RERA across 20 States since inception which shows that 1.43 lakh projects have been registered comprising 1.11 crore units between January 2017- January 2025.

The number of projects registered with RERA grew by 145% to 25,281 projects between CY2020-2022. It, however, fell by 21% between 2022-2024.

The year 2020 witnessed the least number of project registrations.

About PropEquity: P.E. Analytics ltd., a NSE-listed company, owns and operates PropEquity which is India’s largest online real estate data and analytics platform covering over 1,70,000+ projects of 57,000+ developers across over 44 cities in India with more than 17 years of cataloged data. We add approximately 700 projects every month. It is a premium Business Intelligence product- a first of its kind in India in the Realty space.

The Karnataka Real Estate Regulatory Authority (KRERA) bench, comprising Justice HC Kishore Chandra (Chairperson), Neelmani N Raju (Member), and GR Reddy (Member), dismissed the complaint filed by homebuyers against a builder regarding the construction on the area designated for common amenities. The complaint was lodged by 15 homebuyers of the Astrum Grand View Mysore Phase I housing project.

The homebuyers alleged that the builder was deviating from the conceptual plan presented in the brochure by constructing on the space reserved for common facilities. However, the Authority ruled in favor of the builder, stating that variations between the conceptual plan and the sanctioned plan do not hold the builder liable for deviation.

The builder argued that the project’s RERA registration was specifically for 132 completed apartments, with possession already handed over to purchasers. They maintained that all promised amenities were being provided, with some facilities already available since 2020. The construction progress was deemed satisfactory, with assurances of timely completion of all facilities, including a club.

KRERA upheld the builder’s stance, emphasizing that despite differences between conceptual and sanctioned plans, the completion and delivery of apartment units remained unaffected. The conveyed units were in accordance with registered conveyance deeds, and the pledged amenities were being fulfilled within designated areas as per the sanction plan.

The Haryana Real Estate Regulatory Authority (H-Rera) has launched a comprehensive survey of stagnant residential projects in Gurugram, marking a pioneering effort for the city. This move comes in the wake of Uttar Pradesh’s recent implementation of a rehabilitation package aimed at reviving stalled projects, following recommendations from the Amitabh Kant panel.

Chairman of the H-Rera’s Gurgaon bench, Arun Kumar, directed the survey to assess the actual status of projects on the ground and validate claims made by developers to avert potential regulatory actions. Recently, Kumar inspected incomplete affordable housing projects by Mahira and OSB developers along Golf Course Road Extension, projects that have faced prolonged delays despite persistent complaints from allottees to various authorities.

Additionally, Kumar visited Raheja Revanta in Sector 78 by Raheja Developers Limited and Orris Greenopolis in Sector 89, both projects experiencing delays for several years. The visit aimed to provide H-Rera members with a firsthand understanding of the issues involved for more effective resolution.

The Mahira Homes projects in sectors 63, 68, 95, 103, and 104 have been a focal point for protests by approximately 5,000 homebuyers, citing significant delays in flat deliveries. Last year, the Enforcement Directorate conducted searches related to the group’s financial transactions, prompting H-Rera to order forensic audits due to allegations of irregularities in licensing procedures.

Similarly, homebuyers of three OSB projects—Golf Heights in Sector 69, The Venetian in Sector 70, and Expressway Towers in Sector 109—have been urging action against the developer for non-compliance with license conditions and failure to provide possession of flats.

Raheja Revanta, delayed by over seven years, has faced a ban on the sale and purchase of units by H-Rera, which also ordered a forensic audit and froze unsold inventory and related bank accounts. Another stalled project, Greenopolis, initiated by Orris Infrastructure, entered an agreement with Three C for constructing 1,826 flats on a 37-acre land parcel in 2011, but construction came to a halt.

The Indian government is currently scrutinizing the coexistence of two separate Acts governing the regulation of the real estate sector – one enacted at the national level and the other by the state of West Bengal. The Acts in question are the Real Estate (Regulation & Development) Act, 2016 (RERA), a central government legislation, and the Housing & Industrial Regulation Act, 2017 (HIRA), introduced by the West Bengal government.

RERA, which was fully enacted in 2017, allows states to notify their respective rules and appoint regulatory authorities. However, West Bengal is the only state that has introduced its distinct legislation, HIRA. The Ministry of Housing and Urban Affairs recently announced on Twitter that it is currently examining whether both Acts can coexist.

The central government had previously formed a sub-committee during the Central Advisory Council meeting to encourage the adoption of RERA by the Bengal government and oversee its implementation in other states. However, this sub-committee has not been notified to date.

The coexistence of central and state Acts on the same subject is under examination, and the ministry stated that a sub-committee, under these circumstances, would serve no purpose. The Ministry emphasized the positive changes that full compliance with transformational legislation like RERA could bring to the real estate sector.

One notable difference between RERA and HIRA lies in their definitions of the force majeure clause and garage. RERA allows the force majeure clause to be invoked only in specific circumstances such as war, drought, floods, earthquake, fire, or natural calamities affecting regular development. In contrast, HIRA permits the declaration of a force majeure clause for any other prescribed circumstance in addition to those listed under RERA.

Moreover, the definitions of garage vary between the two Acts. RERA defines it as a place within a project with a roof and walls on three sides for parking any vehicle but excludes unenclosed or uncovered parking areas. HIRA, however, defines a parking slot as an area as prescribed and garage as sanctioned by the competent authority.

Experts have raised concerns about the potential dilution of RERA and the need for states to adhere to it both in letter and spirit. The fear is that if states follow the model adopted by Bengal, it could render RERA redundant, thereby impacting the uniformity and effectiveness of real estate regulation across the country. Many states have initiated the process of setting up regulators and authorities under RERA, with several already passing orders or notifying state rules.