Embassy Group inks Joint Development Agreement for 3.75-acre land in Bengaluru

Embassy Group to launch premium housing project on the land parcel in Bengaluru; expects revenue potential of around ₹550 crore

Published on: Feb 6, 2024, 21:22:11 IST

By HT News Desk

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Real estate company Embassy Group has inked a joint development pact for 3.75 acres of land in Bengaluru, Whitefield, and will launch a premium residential project designed for millennials. The project will have an estimated revenue potential of around ₹550 crore, the company said in a statement.

The project is spread across 5.4 lakh square feet of saleable area, including approximately 400 apartments (comprising 2 BHK, 2.5 BHK, and 3 BHK). The project is expected to go live by Q4 FY24 and will cater to the housing demand from young professionals of the booming IT and ITeS sector in the area, it said.

The land, strategically located on Whitefield Main Road, is also close to Hoodi Junction. With easy access to public transport and recent connectivity through the East-West corridor of the Metro Purple Line, the project is well-linked to the rest of the city.

Also Read: Embassy Industrial Park Hosur Pvt Ltd completes acquisition of 124 acre land parcel near Bengaluru

The Group has over Rs. 2,000 crore of occupancy certificate-compliant projects ready for possession this year. Additionally, the company is looking to launch around Rs. 5,000 crore of inventory in the coming year to meet the existing demand for premium and luxury living spaces, it said.

Embassy Group has over 70 million square feet of commercial, residential, industrial and warehousing, hospitality, services, retail, and education spaces. It was founded in 1993, and its operations now span the Indian and international markets of Bengaluru, Chennai, Hyderabad, Thiruvananthapuram, Mumbai, Pune, the NCR, Serbia, and Malaysia.

Also Read: Real Estate Budget 2024: Focus on infrastructure, new housing scheme for the middle class

Its 45 million sq. ft. of ready and ongoing residential developments encompass branded residences, uber-luxury villas, exclusive villaments, sky condominiums, integrated developments, senior living, and contemporary homes. Embassy was a sponsor of India’s first publicly listed and Asia Pacific’s largest Real Estate Investment Trust (REIT).

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HT News Desk
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