Embassy Group To Invest Rs.2000 Crore In Its Multiple Ongoing Projects

Embassy group the real estate company plans to invest about Rs 2,000 crores for the completion of its ongoing residential projects. The firm is also planning to buy land single-handedly or in joint ventures form in order to expand its business in Bengaluru and other major cities, an official said.

Reeza Sebastian, the President [Residential business] of Bengaluru-based Embassy group said that we are also planning to venture into the senior living housing segment and adopting the pre-fab construction technology.

Embassy Group, a premium commercial real estate firm in India has accomplished the construction of 12 million sq. ft. housing projects and is currently developing nearly 10,000 units across six projects out of which five are based in Bengaluru and one of them is located in Chennai.

Sebastian also said that the five projects are expected to get completed by 2019-20 whereas the ‘Embassy Springs’ township covering approximately 300-acres of land in Bengaluru will take five years more for development.

She also shared information about the ongoing projects and said that the current projects cost over Rs. 5,000 crores and nearly 60 percent of which has already been deployed. She also stated that the company will emphasize to develop ultra-luxury housing while keeping a track of other opportunities coming their way in the residential market of the Indian real estate sector.

Sebastian said that we have expansion plans for various micro markets and cities in order to make the Embassy brand accessible to more clients across the country. The company plans to build residential projects for the mid-income group by either buying land from the landowners else in partnership with them in locales like Whitefield in Bengaluru.

She further said that the Embassy group is in talks with the companies having expertise in pre-fab technology as it will reduce the construction cost. The company will be in the opposition to offer residential units costing upto Rs 80 lakhs if they stuck this kind of a deal.

The Embassy group has a strong presence in hospitality, industrial parks and co-working space and is planning to launch India’s first Real Estate Investment Trust [REIT] in a joint venture with Blackstone.

Till now the company has developed more than 45 million sq. ft. of prime residential and commercial projects. The Embassy group has also developed business parks in a joint venture with global investment firm Blackstone. The business park is spread across 34 million sq. ft. of office space.