Embassy Developments is a listed Indian real estate developer that builds and sells luxury and premium homes and offices, born from the 2025 reverse merger that folded the Embassy Group’s private development engine into the old Indiabulls Real Estate platform. The recurring approach is to use a vast, fully paid land bank and the Embassy Group’s three-decade track record to launch projects in India’s richest urban markets, collect customer payments as construction progresses, and book revenue only when homes are finished and handed over - a model that ties cash flow directly to building milestones. # Business segments Three engines at different stages - a residential builder that sells luxury homes off-plan, a commercial developer that creates office parks for lease or sale, and an asset-light development manager that earns fees without putting up its own capital - each drawing on the same land bank and brand. ## 1. Residential development: where the group’s cash comes from **The company builds and sells luxury and premium apartments, villas and townhouses across India’s top cities, collecting payments from buyers as construction hits milestones but booking revenue only when the homes are complete and handed over.** - **Paid for by customers during construction** - buyers pay in stages linked to building progress, so the company’s construction spend of roughly 71% of collections in FY26 means most of the money coming in goes straight into finishing projects. - **A land bank that is already bought and paid for** - the company holds 3,251 acres of fully paid land, one of the largest stashes among listed Indian developers, which lets it phase launches over many years without scrambling for new sites. - **Revenue waits for the Occupancy Certificate** - under Indian accounting rules, a sale only counts as revenue when the project receives its OC and keys are handed to the buyer, so presales today become reported revenue years later. - **A pipeline stretching from Worli to Alibaug** - the company has recently expanded into Mumbai’s ultra-luxury market with projects like Embassy Citadel in Worli (GDV over INR 8,800 crores) and a Juhu development of around 50 homes, alongside a second-home project in Alibaug, giving it a combined MMR launch GDV in excess of INR 12,000 crores. ## 2. Commercial development: office parks and business hubs for lease or sale **The company develops large-scale business parks and office buildings, primarily in Bengaluru and Gurugram, which generate rental income or are sold as strata units to corporate tenants.** - **Built for IT, banking and multinationals** - the commercial portfolio of around 12 million square feet is designed for BFSI, IT/ITES and MNC occupiers, with flagship projects like Embassy East Business Park in Bengaluru (Phase 1 at 2.8 million square feet) and 109 Commercial in Gurgaon. - **Land can be sold to a single big user** - in March 2025, the company signed a deal to sub-lease and eventually divest roughly 25 acres in Whitefield, Bengaluru, to Lam Research for INR 1,125 crores, showing that commercial land parcels can be monetised outright rather than developed. - **New markets are on the map** - a non-binding agreement with the Uttar Pradesh government envisages a 2.5 to 3.0 million square foot office-led development in Lucknow with an investment of around INR 1,500 crores, marking a planned entry into a fresh state. - **OC unlocks value** - the company submitted the occupancy certificate application for 109 Phase 1 in Gurgaon and received partial OC for Golf City, Savroli Phase 1 during Q4 FY26, moving these assets closer to revenue recognition or sale. ## 3. Development management and asset-light models: earning fees on other people’s projects **The company acts as a paid development manager for related-party residential projects, providing branding, sales, construction oversight and marketing in return for a fee of 10% of project revenue - with no capital of its own at risk.** - **A 10% fee on the top line** - in development management (DM) projects, EDL earns a fee equal to 10% of gross project revenue, so on two upcoming projects - Embassy Bayview in Juhu and Embassy Sky Terraces in Hebbal - the estimated fees are roughly INR 306 crores and INR 254 crores respectively. - **No land, no construction cost** - the DM model requires zero capital deployment from EDL; the land and funding come from the project owner, while EDL brings the Embassy brand, sales engine and construction monitoring capability. - **Preferred partner for the whole group** - EDL is designated as the preferred development platform for all future residential, commercial and mixed-use projects of the Embassy Group, and it holds a right of first offer on roughly 503 acres of promoter-group land in Bengaluru until May 2027. - **Joint developments share the upside** - in JDA projects, the company holds a defined economic interest - for example, 68.5% in a Whitefield project and 91% in Embassy Hub - so it participates in project surplus without owning 100% of the land.