Emerald Leisures Ltd Receives Letter of Intent for SRA Redevelopment Project at Chembur
Emerald Leisures Limited has secured a Letter of Intent (LOI) for a redevelopment project located at Swastik Park, Chembur, Mumbai. The LOI, dated April 10, 2026, provides in principle approval for the development on a plot bearing C.T.S. No. 366/6 (PT) of village Chembur Taluka Kurla, situated at Swastik Park, Chembur, Mumbai 400071 in M(W) ward.The redevelopment project is slated for the 6299 sq.mtrs plot area. The expected development scope anticipates yielding a carpet area of approximately 1,75,000 sq.ft. Furthermore, the project has an estimated Gross Development Value (GDV) of INR Rs.600 crores.
Emerald Leisures Limited, which is listed under BSE with the symbol EMERALL and Scrip Code 507265, has historically focused on sports, club, and hospitality services through its Club Emerald Sports Complex in Chembur, Mumbai. The company has been taking concrete steps toward diversifying into the real estate business over recent years.
Director of Emerald Leisures Ltd, Mr. Jaydeep Vinod Mehta, stated that receiving the LOI marks a strategic milestone for the company in the real estate sector. He mentioned that the proposed residential redevelopment is situated in a centrally located suburb with excellent connectivity and will feature well-designed Vastu compliant 2, 3, and 4 BHK Flats.
The potential revenue generated from the upcoming Residential Project is estimated at approximately INR 600 crores, based on current business assumptions.
Stock Price Movement
At the close of trade Friday, Emerald Leisures Ltd settled at ₹192.75, gaining 1.34% for the session. Throughout the day, the shares navigated a broad spectrum, dipping to a low of ₹161.00 before peaking at ₹203.55.Source:
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