Bengaluru's Namma Metro stations to be developed at ₹100 crore by this firm: Report
Embassy Office Park REIT is investing over ₹100 crore in Bengaluru’s metro infrastructure.
The Embassy Office Park REIT is committing over ₹100 crore to enhance Bengaluru's metro infrastructure, according to its CEO Aravind Maiya. Speaking at the Royal Institution of Chartered Surveyors Commercial (RICS) Real Estate conference on September 12, Maiya emphasized the REIT's ongoing efforts to address the city's infrastructure needs, the Moneycontrol reported.
"To solve basic infrastructure challenges in the city, such as traffic, we have already constructed a flyover to decongest the Manyata Tech Park with over ₹180 crore of investment. We have also constructed the footbridge for ₹20-30 crore investment and working on the metro stations today," Maiya said, as quoted in the publication.
In 2020, Embassy Group partnered with Bengaluru Metro Rail Corporation Limited (BMRCL) to finance the Bettahalasur metro station, located between Bagalur Cross and Trumpet Junction, with an estimated cost of ₹140 crore. However, the status of this station, which was intended to enhance access to the Embassy Boulevard complex, remains uncertain, the report noted.
Maiya expressed optimism about future collaborations with the government through public-private partnerships to meet the city’s infrastructure demands. The CEO also noted that the rapid development of REITs is driven by clearer commercial strategies and improved regulatory frameworks. Recent amendments to the special economic zones act, which allow for partial de-notification of areas for non-SEZ use, have increased REIT occupancy potential.
"As Bengaluru continues to develop, we have the opportunity to work together with the government through a public-private partnership model to ensure that the infrastructure is in place," Maiya said.
Mindspace Business Parks REIT CEO Ramesh Nair also acknowledged the evolution of the REIT sector, with Maiya citing the growth from 4,000 unit holders to over 120,000. The enhanced transparency and safety of REIT investments, supported by regulatory changes, continue to attract more stakeholders to the market.