According to a filing with the exchange, the company said that 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.

Also Read | Angel One’s founder Dinesh Thakkar strikes Rs 711 cr Juhu luxury tower deal

The company further said that the deal is the largest single residential unit transaction in the country. The residence comprises an entire G+7 storey tower with a RERA carpet area of 63,000 sq ft, and a transaction value of approximately Rs 711 crore.

The ultra-luxury project is part of a five-tower development spread over 2 acres of land with 50 residences and has an estimated Gross Development Value (GDV) of over Rs 3,000 crore. This project, scheduled to be completed by December 2031, is being executed by Embassy Developments under a development management model.

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“Over the last three decades, Embassy has built a deep understanding of what today’s homebuyers value most. We have brought that same philosophy to Mumbai, and in a relatively short period, it has resonated with some of the country’s most discerning buyers,” said Jitendra Virwani, Chairman, Embassy Developments.
“Dinesh Thakkar’s acquisition of an entire tower at Embassy Terazza is a strong endorsement of that vision and the trust the Embassy brand has earned in Mumbai within 18 months of launching in the city,” Virwani further said.Located on Juhu Tara Road, one of Mumbai’s most coveted residential addresses and home to leading business families, industrialists and celebrities, Embassy Terazza is an ultra-luxury low-density development spanning over 2+ acres with approximately 50 residences and has an estimated Gross Development Value (GDV) in excess of Rs 3,000 crore.

The company also said that the design features include one residence per floor across the five towers, offering panoramic sea and city views, thoughtfully planned layouts, lush internal gardens, and curated wellness and lifestyle amenities and this project is being developed by Embassy Developments Limited under a development management model.

“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,” said Dinesh Thakkar, Founder, Chairman and Managing Director, Angel One.

“‘Angelus’ is what we have named our new dream home, which is being crafted into reality by the Embassy Group. Embassy Terazza brings together all these aspirations in one project.”

Joining Embassy Citadel in Worli and Embassy Serenity in Alibaug, Embassy Terazza further strengthens EDL’s growing residential footprint across the Mumbai Metropolitan Region, alongside its ongoing projects, Embassy Park in Panvel and Embassy One in Thane, the company added.

Also Read | Who is Dinesh Thakkar, Angel One founder bought an entire 63,000-sq-ft Juhu tower for Rs 711 crore in India’s largest luxury home purchase?

Embassy Developments (formerly known as Equinox India Developments 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.

Embassy Developments share price movement

The stock of Embassy Developments was down 8.49% in the last one month and nearly 39% in the last one year. The stock was down 24.24% in the last three years and 59.12% in the last five years.

Disclosure: This article has been written by Surbhi Khanna, who is not a SEBI-registered Research Analyst or an investment advisor . Surbhi Khanna does not hold any financial interest in Economic Times as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of the EconomicTimes Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.

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Soaring fuel prices are forcing motorists to cut back on everyday spending and adding tens of thousands of pounds a week to business costs, with petrol at its highest level since November 2022.

Drivers say they are changing their spending habits to cope with rising costs at the pump, while businesses warn higher fuel bills are placing increasing pressure on their finances.

Petrol prices rose to an average of 161.3p per litre between July and August, according to the Office for National Statistics (ONS), the highest level recorded since November 2022, when Russia’s invasion of Ukraine pushed up global energy costs.

Diesel is also expected to top £2 per litre in the coming days.

Among those feeling the impact is Arvander Pabla in Willenhall, in the West Midlands, who drives a lot every day and says rising fuel costs have forced him to make cutbacks elsewhere.

“I do nearly 70, 75 miles per day, and it has really affected me price wise, because it has nearly gone double,” he said.

To create more room in his budget for fuel, he said he had reduced spending on takeaways and eating out, and was considering replacing his car with a more fuel-efficient vehicle.

A Surrey council is poised to set aside £150,000 to support its most vulnerable residents through the winter months.

Tandridge District Council plans to run its winter support scheme for another year, giving eligible residents money to help with essentials and bills.

Councillors on the strategy and resources committee are due to consider the proposals this week, according to the Local Democracy Reporting Service.

“Each past scheme has helped nearly 500 households,” a report issued ahead of Thursday’s meeting says.

Those applying for the support must be a householder aged 16 or over, have their primary residence in the Tandridge District Council area and be struggling to meet their essential short-term needs.

Several categories of residents will be prioritised for aid, including those with dependent children, those with disabilities, pensioners, carers, those at risk of homelessness and victims of domestic abuse.

Council officers will assess any application for support and decide on each case based on “local economic factors and arrangements in place with other agencies”.

The report adds the scheme will be fully funded by Tandridge District Council using allocated funds.

Applications would open on 9 November if the renewed programme is approved.

“Awards will not normally exceed £150 for households without children and £250 for households containing children,” the report adds.

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