Embassy Developments signs JV to build Rs 1,600 cr housing project in Bengaluru

Mumbai, Jun 23 (PTI) Realty firm Embassy Developments Ltd has partnered with a landowner to build a 18-acre housing project in Bengaluru with a revenue potential of about Rs 1,600 crore.

In a regulatory filing on Monday, the company announced the "signing of a Joint Development Agreement (JDA) for 17.9-acres land parcel in Whitefield, Bengaluru." "The planned development will comprise a premium residential community with an estimated Gross Development Value (GDV) of around Rs 1,600 crore," it added.

This project will have around 1.6 million (16 lakh) square feet of saleable area and feature about 1,000 apartments.

The company will launch this project next fiscal. Aditya Virwani, Managing Director, Embassy Developments Ltd, said, "Whitefield continues to be a strategic focus for us. As a predominantly end-user-driven micro-market, it has shown greater resilience supported by sustained demand from Bengaluru's professional workforce and ongoing infrastructure growth." This deal reinforces the company's commitment to building a robust future pipeline, he added.

"We are actively exploring new opportunities across key markets," Virwani said. Embassy Developments Ltd (formerly known as Equinox India Developments Ltd and earlier as Indiabulls Real Estate Ltd) is one of India's leading real estate developers.

It is into development of residential, commercial, and Special Economic Zone (SEZ) projects across Indian cities.

With a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR), the company also has a presence in Chennai, Jodhpur, Vadodara, Vizag, and Indore.

Bengaluru-based Embassy Group has nearly 43 per cent stake in Embassy Developments Ltd. PTI MJH DR