Embassy Group to launch residential projects this year

Bangalore based realty developer, Embassy Group is all set to re-enter the residential segment with a few launches this year,

Chairman and Managing Director, Embassy Group, Jitu Virwani said, “We have launched two residential projects in Bangalore and have lined up few more.” The total cost of these projects is estimated to be around Rs 1,800 crore.

The company is thinking about meeting its fund requirement through sales and bank debts.

Embassy Pristine, located at the Outer Ring Road Sarjapur Road junction, would have a saleable area of 1.4 million sq ft. The project would offer apartments upwards of Rs 1.7 crore.

The company has also launched a 53-acre, 170-villa project — Embassy Boulevard — on Bellary Road for which it has acquired land at Rs 265 crore. “We have already sold 68 villas at Rs 10,000 per sq ft,” said Virwani, adding that the price has now gone up to Rs 12,500 per sq ft.

Another high-end apartment project — Embassy Lake Terraces — would offer 470 units, of which, 40 would be large units of about 7,000 sq ft each. The other units would be in the 3,200-4,500 sq ft range. The price of these units has been fixed at Rs 2.8 crore and above. 

The company also has plans to launch an IT park project in Belgrade in April this year. The first phase of the 125-acre project would see development of 1.2 lakh sq ft.

The company, which develops two million sq ft of commercial space every year, is looking at another IT park in Bellary Road. Embassy Group is developing a 250-key hotel at its Embassy Golf Links Business Park to be operated by Hilton.