To drive more growth in the realty sector, Bengaluru based real estate firm Embassy group has announced their plan to develop more affordable and mid-housing projects instead of luxury and uber-luxury projects.
The information was given by the company’s newly appointed chief operating officer (COO), Aditya Virwani in a recently held meeting. He said, “The Group has decided not to build anymore property above Rs 2-crore 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,”
The company has planned to move their focus to more mid-income housing projects up to Rs 80 lakh, and affordable homes costing about Rs 30 lakh. These projects will be spread over 800-1,300 sq ft in 1, 2, and 3BHK configurations.
“Currently, there is a good demand for mid and affordable housing projects.” Virwani added.
Apart from the residential segment, the group is also planning to launch large commercial projects, with demand from large companies rising for big offices spaces across the southern cities.
Elaborating on this, the COO said that Embassy group has 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.”
Embassy group forayed into the real estate sector in 1993 and till date, it has developed 45 Million Sq. Ft. of Commercial, Residential, Retail, Hospitality, and Industrial Warehouse spaces. The Company also holds an extensive land bank of 1,000 acres across the country. The company has its headquarters in Bengaluru and also operates from Chennai, Hyderabad, Pune, Coimbatore, Trivandrum, Serbia, and Malaysia.