Real estate firm Embassy Developments Ltd on Tuesday said it will invest Rs 70 billion in the Mumbai market to develop three new luxury housing projects and complete three ongoing developments, as part of its expansion strategy amid sustained consumer demand. The company plans to launch three new residential projects at Juhu, Worli and Alibaug in the Mumbai Metropolitan Region. Embassy Developments, formerly Indiabulls Real Estate Ltd, is listed on the stock exchanges and is among the leading real estate developers in the country. Bengaluru-based Embassy Group also has two other listed entities—WeWork India and Embassy Office Parks REIT. “We are ready for the next chapter of growth in Mumbai,” said Jitu Virwani, Chairman of Embassy Developments, adding that housing demand in the city continues to remain strong. Managing Director Aditya Virwani said Mumbai remains a key market for the company and confirmed that the Rs 70 billion investment will be deployed across both new launches and the completion of ongoing projects. The investment will be funded primarily through internal accruals, although the company may raise some debt if required. Aditya Virwani said Embassy Developments expects to generate more than Rs 120 billion in revenue from the three new housing projects alone. Providing details, the company said it will develop 316 units at the Embassy Citadel project in Worli, with an estimated revenue potential of nearly Rs 90 billion. In Juhu, the company plans to build 50 luxury units with projected revenue of Rs 30 billion, while the Alibaug project will comprise 111 units with an estimated revenue of Rs 4 billion. In addition to the new launches, Embassy Developments will invest in completing three legacy housing projects in the Mumbai Metropolitan Region, comprising around 5,000 residential units. Established in 1993, the Embassy Group has developed about 75 million square feet of saleable area to date, largely in the office segment. Embassy Developments has a strong presence across Bengaluru, Mumbai Metropolitan Region, Delhi-NCR, Chennai and Indore.