Embassy Developments Share Price Reverses Early 8% Gains After ₹711 Crore Juhu Tower Deal
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A ₹711 crore luxury home transaction in Mumbai’s Juhu has put Embassy Developments under the market lens, with the deal involving the sale of an entire 63,000 sq ft tower to Angel One founder Dinesh Thakkar. The transaction comes as the developer reports a sharp rise in residential pre-sales and collections.
Embassy Developments share price reversed its early gains on Tuesday after surging nearly 8% following news of a ₹711 crore deal to sell an entire residential tower in Mumbai’s Juhu to Angel One founder Dinesh Thakkar.
The stock touched an intraday high of ₹63.80 in early trade, but the gains did not hold. Embassy Developments was trading at ₹58.63, down 0.44%, at 12:21 PM IST on September 22.
The sharp reversal came even as the ₹711 crore transaction remains the key trigger for the stock. Embassy Developments has signed a memorandum of understanding (MoU) with Thakkar for the sale of an entire tower at its ultra-luxury Embassy Terrazza project in Juhu.
Embassy Developments ₹711 Crore Juhu Deal
The transaction involves a G+7-storey residential tower with a RERA carpet area of 63,000 sq ft. At around ₹711 crore, the deal works out to more than ₹1.1 lakh per sq ft based on the stated carpet area. Embassy Developments has described it as the largest single residential unit transaction in India.
The tower is part of Embassy Terrazza on Juhu Tara Road. The project is spread across more than two acres and has around 50 residences across five towers, with an estimated gross development value of more than ₹3,000 crore.
For Embassy Developments, the deal is significant because the company entered Mumbai only in February 2026 and has been expanding its residential portfolio across the Mumbai Metropolitan Region. Its projects in the region include Embassy Citadel in Worli, Embassy Serenity in Alibaug, Embassy Park in Panvel and Embassy One in Thane.
The deal also comes after a strong June quarter for the residential business. Embassy Developments reported pre-sales of ₹868 crore, up 338% year-on-year, while collections rose 54% to ₹496 crore. However, the company reported a consolidated net loss of ₹234.40 crore for the quarter, compared with a loss of ₹165.64 crore a year earlier.
The company had also received board approval on September 19 to raise up to ₹160 crore through the issue of non-convertible debentures on a private placement basis.
The immediate market reaction, therefore, has shifted from the headline value of the Juhu transaction to whether the deal can translate into stronger financial performance for Embassy Developments. The stock’s move from ₹63.80 to ₹58.63 during Tuesday’s session shows that the initial buying interest has cooled, leaving investors to look beyond the one-off transaction and towards the company’s broader residential sales, collections and upcoming project pipeline.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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