As Embassy Developments Limited deepens its presence in Mumbai and western India, CEO and Executive Director Sachin Shah outlines the group’s strategy across residential and commercial real estate. In this conversation with Realty+ Editor Sapna Srivastava, Shah discusses his long-standing association with the Embassy Group, the rationale behind its IBRL merger, micro-market pricing discipline, and why demand fundamentals remain intact even as a price correction looms.
Sachin, tell us about how your association with Embassy began and what your role entails today.
Sachin Shah: I have known Jitu since 2008, so there’s a long-standing relationship and comfort level. Today, I am the CEO of the development company. Aditya is the Managing Director and looks after projects in the south, while I oversee projects in the west, along with several central functions. These include investor relations and marketing, which we handle together. It’s a collaborative setup and we work well as a team.
So you handle the west and north portfolios, along with investments?
Sachin Shah: Broadly, yes. Regional execution in the west falls under my purview, while central functions like investor relations and marketing are handled collectively. Aditya remains very hands-on, which helps keep decision-making grounded.
With many southern developers entering Mumbai, is the market becoming overcrowded?
Sachin Shah: Competition is always healthy. I wouldn’t say the market is overcrowded. What’s really happening is consolidation. Larger developers are getting bigger, while smaller players are gradually falling out. Demand is very much there, but pricing in some pockets has gone a bit haywire. That could correct. Certain products have simply become out of reach for the average buyer, and those are the areas where we may see adjustments. But demand itself remains strong.
Mid-segment housing sees the most demand, yet prices often feel unaffordable. How do you manage this balance?
Sachin Shah: It depends entirely on the micro-market and project economics. Take Juhu, for instance. A two-and-a-half-acre parcel is extremely rare, so we consciously chose to do an ultra-luxury project with just 50 units.
But in markets like Thane or Panvel, or even Worli, we are very mindful of ticket sizes. At Citadel in Worli, apartments range from about 1,900 to 3,600 square feet. At Rs. 75,000 per square foot, a 2,000-square-foot home translates to a realistic ticket price for that micro-market. We deliberately avoided creating products that would push prices into an unsustainable zone.
So pricing will always be guided by the micro-market?
Sachin Shah: Absolutely. In Worli, for example, we didn’t want to build 5,000 or 6,000-square-foot apartments. That segment is crowded and dominated by established players. As a new entrant, it made sense to offer well-sized homes where supply is limited and demand is clear.
How has the IBRL merger helped Embassy’s expansion strategy?
Sachin Shah: The merger gave us both assets and people. It provided a ready platform to enter Mumbai and Gurgaon. Instead of going asset-light with local JVs, we absorbed a functioning organisation with projects, teams, and local knowledge into the Embassy ecosystem. It’s simply a different strategy, not a better or worse one.
Does this give Embassy a competitive edge?
Sachin Shah: In the long run, yes. Right now, we have the first set of assets, most of them fully owned land parcels. As we pursue new development opportunities, having experienced local teams in place becomes a real advantage. It’s still early days, but over the next few years, that edge should become more visible.
What revenue contribution do you expect from Mumbai projects?
Sachin Shah: The first six projects have a combined GDV of about Rs. 18,000 crore, out of an overall GDV of Rs. 48,000 crore. That’s roughly 30 percent. We have three more launches planned later this year.
Our pre-sales guidance for this year is Rs. 5,000 crore, and we are on track. Next year should see a meaningful increase. We’re not chasing scale for its own sake. The focus is on disciplined underwriting, healthy margins, and strong cash flows.
What is your outlook for real estate in 2026 and beyond?
Sachin Shah: On the commercial side, we have a 51 million square foot portfolio in a market of roughly 750 million square feet. There are near-term headwinds from global policy uncertainty and AI, but demand from multinational occupiers remains strong.
Residential is well into a multi-year cycle that began around 2021. Any slowdown we are seeing is more about pricing than demand. If prices correct to realistic levels, demand will continue. Developers just need to be careful not to push pricing beyond what the market can absorb.
