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Bengaluru-based estate developers Embassy Group has inked a joint development pact for 3.75 acres of land in Whitefield in Bengaluru, Karnataka to develop a premium residential project. This is expected to cater to the housing demand from young professionals of the IT and ITeS sector in the area.
The proposed project comprises 5.4 lakh sq. ft. of saleable area, totalling around 400 apartments of two-BHK, 2.5 BHK, and three-BHK configurations. The project is expected to go live by Q4/ FY24, and has an estimated revenue potential of around Rs 550 crore.
The land, located on Whitefield Main Road, is also close to Hoodi Junction. Further, the project offers easy access to public transport and connectivity to the rest of the city is enhanced through the east-west corridor of the Metro Purple Line.
Additionally, the company is looking to launch around Rs. 5,000 crore of inventory in the ensuing year in premium and luxury living spaces.
The Group has over Rs. 2,000 crore of OC-compliant projects ready for possession this year. Its portfolio of 45 million sq. ft. of ready and ongoing residential developments encompass branded residences, luxury villas, integrated developments, senior living, and many others. |
