City-based realty company Embassy Group has plans afoot to invest around Rs 1,000 cr to develop its mid-income residential project Embassy Edge. This project will mark the group’s entry into the mid-income group housing segment, and is going to be spread over 41 acres of land in Bengaluru.
The project, located 9 kms from the Bengaluru International Airport, comprises of 1 BHK, 2 BHK, 2.5 BHK and 3 BHK apartments that range from 607 sqft to 1,406 sq ft with prices starting from Rs 36 lakh. The smart homes in this project will be Alexa-enabled and come preinstalled with an Amazon Echo device.
“Of the total Rs 1,000 expenditure, the company will be infusing Rs 200 cr initially. We are planning to raise construction finance of Rs 200 cr, while balance will be funded through customer advances,” says Jitu Virwani, Chairman and Managing Director, Embassy Group.
The proposed expenditure is with regards to construction and development of the project and does not include the land cost.
The entire project with total 4 mln sqft saleable area and 3,000 apartments will come up in two phases and the first phase will be spread over 12 acres. The first phase will have total 826 apartments with 1 mln sqft saleable area. The company has already received bookings for 200 apartments.
Embassy Edge is part of a larger integrated township development Embassy Springs spread over nearly 300 acres. Embassy Group already has 4 million sq ft of ongoing residential projects including luxury apartments, villas and integrated townships.