Embassy Developments plans to invest about ₹1,500 crore to construct the first phase of a Bengaluru office project, Managing Director Aditya Virwani says. The initial phase covers roughly 3 million sq ft of office space, with construction already started. Virwani indicates the ₹1,500 crore estimate is for construction and is excluding land cost. The company’s plan is to develop a larger office complex of around 35 acres in Bengaluru with a total area of about 6 million sq ft, executed in two phases. It said the office assets are intended to generate rental income, with the spaces to be leased to corporate tenants. While the company primarily focuses on its residential business and says that focus will largely continue, it is building the commercial office component as part of its broader strategy. The sources agree the project is being rolled out in stages, beginning with the 3 million sq ft first phase that is currently under construction.
Embassy Developments to invest ₹1,500 crore for 3 million sq ft office phase in Bengaluru
Embassy Developments plans to invest about ₹1,500 crore to construct the first phase of a Bengaluru office project, Managing Director Aditya Virwani says. The initial phase covers roughly 3 million sq...
- Embassy Developments will invest around ₹1,500 crore for the first phase of an office project in Bengaluru.
- The first phase covers approximately 3 million sq ft and construction has started.
- The MD, Aditya Virwani, says the ₹1,500 crore figure excludes land cost.
- The larger plan involves about 6 million sq ft across two phases on an approximately 35-acre site.
- The office space is intended for leasing to corporate tenants to generate rental income.
“The construction of the first phase, covering 3 million sq ft, has started,” said MD Aditya Virwani
11 hours agoRealty firm Embassy Developments will invest Rs 1,500 crore to construct a 3 million sq ft office complex in Bengaluru as part of its strategy to generate rental income from commercial assets. The company is mainly into housing segment with presence across Bengaluru, Mumbai Metropolitan Region (MMR) and Delhi-NCR. In an interview with PTI, Embassy Developments Managing Director Aditya Virwani mentioned that the company's focus would largely remain on the growing residential business. However, he said the company would build office assets for rental income. Virwani said the company will develop a large 35-acre office complex in Bengaluru comprising 6 million sq ft area. "We will develop this project is two phases. The construction of first phase covering 3 million sq ft has started," he said. Asked about investments for the first phase, Virwani said it would be around Rs 1,500 crore, excluding land cost. Virwani said the office spaces would be leased to corporates. Bullish on In
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