India, Feb. 16 -- Embassy Developments Ltd has received approval from Maharashtra Real Estate Regulatory Authority (MahaRERA) for the first phase of its housing project in Alibaug, Mumbai Metropolitan Region (MMR), marking the company's entry into the lifestyle and second-home segment.

The overall project covers approximately 0.2 million sq ft of RERA carpet area, with an estimated gross development value (GDV) of around Rs.400 crore, the company said in a statement on Feb 16.

Spread across a 7-acre land parcel, the approved phase will feature five G+5 towers comprising 52 spacious residences in duplex and simplex configurations. The project is slated for launch this quarter, with possession targeted for 2030, subject to regulatory appr...