Equinox India, formerly Indiabulls Real Estate, debuts under the ‘Embassy’ banner with the launch of Embassy One in Thane. Backed by ₹3,911 crore investment from Embassy Group and partners, the company plans premium projects in MMR, Bengaluru, and Chennai while awaiting NCLAT’s decision on its merger with Embassy Group.
Equinox India Developments Ltd, formerly Indiabulls Real Estate Ltd (IBREL), debuted its first project under the ‘Embassy’ banner in suburban Mumbai. Following a significant recapitalisation earlier this year, the company has been rebranded and infused with ₹3,911 crore from Embassy Group, Blackstone Real Estate Fund, and Baillie Gifford & Co., making them its largest shareholders.
The new project, Embassy One, is a residential development in Thane featuring 186 apartments priced at ₹1 crore and above. “We are excited with our new residential launch in Thane, the first under the Embassy banner. We have received good responses to the product,” said Sachin Shah, CEO and Executive Director of Equinox India. The project marks Equinox’s entry into the Mumbai residential market under the prestigious Embassy brand, leveraging a trademark license agreement.
Equinox is planning additional launches across Mumbai Metropolitan Region (MMR), Bengaluru, and Chennai, with a combined gross development value exceeding ₹12,000 crore. Upcoming projects in MMR include premium developments in Worli, Juhu, and Alibaug, targeting high-end buyers. The Juhu project will be developed under a management agreement with Embassy Group, while the Worli and Alibaug projects will utilise land previously owned by Indiabulls.
The Thane project highlights the Embassy’s growing footprint in Mumbai, a market increasingly attracting prominent developers from other regions. Bengaluru-based groups like Prestige, Puravankara, and Gurugram’s DLF are also moving into India’s most lucrative property market. “MMR is a brand-conscious market with a focus on quality. It is less price-sensitive than Bengaluru and more end-user driven than NCR,” noted Anuj Puri, Anarock Group’s property advisory chairman.
Meanwhile, the long-awaited merger between Indiabulls Real Estate and Embassy Group remains pending the National Company Law Appellate Tribunal (NCLAT) approval. At a recent hearing, the NCLAT reserved its judgment. “We are waiting for the decision,” said Jitu Virwani, Chairman and Managing Director of Embassy Group.
With its Thane project and ambitious plans for premium developments across major cities, Equinox India is poised to redefine its position in the real estate market under the Embassy banner, emphasising quality, brand value, and strategic growth.
