Luxury Player Embassy Group Set To Focus On Mid-Income, Affordable Homes

Pic Credit: Embassy Group

Bangalore-based luxury homes giant Embassy Group is now set to shift its focus to affordable homes instead of uber-luxury. The declaration came from the company’s newly appointed chief operating officer Aditya Virwani who declared the company will not build above Rs 2-crore property anymore.

“The company has decided not to build anymore above Rs 2-crore property as there is an oversupply in this segment. Also, with real estate regulatory coming in, buyers want to see the product before investing in such high-end assets,” Virwani told ET Realty.

Embassy Group will soon foray into mid-income housing sector with several housing projects of up to Rs 80 lakh. The firm will also venture into affordable homes costing about Rs 30 lakh.

Pic Credit: FOUR SEASONS PRIVATE RESIDENCES/ Embassy Group

The group’s new projects will be spread over 800-1,300 sq ft in 1-, 2-, and 3-bhk configurations. The company is also planning to launch large commercial projects to cater to the demand from large companies for big offices spaces across the southern cities.

The company’s CEO, who is also part of the recently constituted real estate investment trust board, also revealed that Embassy Group has around 200 acres of residential and commercial projects in the planning stage around the Bangalore airport.

“We have around 200 acres of residential and commercial projects in the planning stage around the Bangalore airport. The commercial component in it will be 10 million sq ft,” said Virwani.

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