Bengaluru-based realty firm Embassy Group is in a major expansion mode. The firm is set to invest about Rs 2,000 crore to complete its ongoing housing projects. The firm is looking to buy land or form joint ventures and is also considering entering the senior living housing segment and adopting pre-fab construction technology.
The declaration came from Embassy Group’s President (Residential Business) Reeza Sebastian recently. It was also declared that five projects would be completed by 2019-20 while the nearly 300-acre township ‘Embassy Springs’ in Bengaluru would take another five years for development.
“Expansion plans into other micro markets and cities are under evaluation to make the Embassy brand accessible to many more consumers across the country,” Money Control quoted Sebastian as saying.
Revealing about the projects, Sebastian told that the total cost for the ongoing projects is more than Rs 5,000 crore, of which about 60 percent has already been deployed. The firm will reportedly continue to focus on its core strength of developing ultra-luxury housing, but at the same time look at opportunities in other categories of the residential market like senior living.
Embassy Group also reportedly has plans to buy land or form partnership with landowners for mid-income housing projects in areas like Whitefield in Bengaluru.
Talking about pre-fab technologies, the company is reportedly in talks with players having the expertise to reduce the construction cost. Once the technology comes into play, the company hopes to offer flats in a price range of up to Rs 80 lakh.
Embassy-Blackstone also has plans to launch the country’s first Real Estate Investment Trust (REIT).