The city-based real estate major Embassy Group is planning to focus on mid-income and affordable homes, instead of uber-luxury, to drive growth.
“The company has decided not to build anymore above Rs 2 cr property as there is an over supply in this segment. Also, with real estate regulatory coming in, buyers want to see the product before investing in such high-end assets,” said Aditya Virwani, the newly appointed chief operating officer.
The company will now focus more on mid-income housing projects of up to Rs 80 lakh, apart from venturing into affordable homes costing about Rs 30 lakh. These projects will be spread over 800-1,300 sqft in 1-, 2-, and 3-BHK configurations. “There is a good demand for mid and affordable projects now,” he said.
Embassy is also planning to launch large commercial projects because there is great demand for big offices across the southern cities from large companies.
“We have around 200 acres of residential and commercial projects in the planning stage around the Bengaluru airport. The commercial component in it will be 10 mln sqft,” said Virwani, who is also part of the recently constituted real estate investment trust board.