The proposed project marks a strategic move by the company to expand its footprint into real estate development, as it continues to diversify beyond its core hospitality and club services business.

Emerald Leisures, which operates Club Emerald Sports Complex in Chembur, has traditionally been engaged in sports, club, banquet, wellness and hospitality services. The company has been gradually building its real estate presence over the past few years as part of its diversification strategy.

The redevelopment project is expected to unlock significant value from the Swastik Park land parcel and strengthen the company’s transition into the real estate sector.

Jaydeep Vinod Mehta, Director of Emerald Leisures, said, “We are pleased to receive this “letter of intent (LOI)” and with this we achieve a strategic milestone that marks as a stepping stone for the company in the real estate sector. The envisaged project will have saleable area of approx. 1,75,000 sq.ft. and unlock a revenue potential of approx. Rs 600 crores. He further added that by combining The Group’s legacy of trust and execution led excellence we are not just constructing buildings but offering sustainable lifestyle residences with premium amenities. We plan to expand our footprint in the real estate segment rapidly to ensure that 50% of our future growth stems from more such projects in coming years.

The company believes this project will further strengthen the company’s future prospects and lead to long-term value creation. The upcoming Residential Project is located in the most centrally located suburb of Chembur with best connectivity and will offer options of well designed Vastu compliant 2,3, and 4 BHK Flats.

Emerald Leisures is into the business of Club and Sports Complex having sports facilities and other Hospitality Services.

The company reported consolidated net loss of Rs 2.25 crore in Q3 FY26 as against net loss of Rs 2.48 crore in Q3 FY25. Revenue from operations rose 8.3% year on year to Rs 4.70 crore in Q3 FY26.