NEW DELHI: Embassy Developments is set to invest ₹1,500 crore in the construction of a 3 million sq ft office complex in Bengaluru, aligning with its aim to diversify income streams from commercial properties.
The firm primarily operates in the housing sector, with a notable presence in Bengaluru, the Mumbai Metropolitan Region (MMR), and Delhi-NCR.
In an interview with PTI, Managing Director Aditya Virwani emphasized that while the residential business remains a priority, the company plans to develop office spaces to generate rental income.
Virwani noted that a significant 35-acre office complex will be built in Bengaluru, totaling 6 million sq ft. “We are initiating this project in two phases, with construction already ongoing for the first phase of 3 million sq ft,” he detailed.
Regarding investment for the first phase, he disclosed that it would be approximately ₹1,500 crore, not including land costs.
The company aims to lease these office spaces to corporate clients, expressing confidence in India’s office market. Virwani pointed out the robust demand, particularly from international firms establishing Global Capability Centres (GCCs) in the country.
Shifting focus to the residential sector, he highlighted that sales bookings for the last fiscal year surged over twofold to ₹4,631 crore, driven by strong consumer interest. For the current fiscal, the company targets ₹8,000 crore in sales bookings, which encompasses ₹2,000 crore from a housing project under a development management model.
Embassy Developments plans to introduce nearly ₹20,000 crore worth of new homes this fiscal year to broaden its business and meet the increasing demand, especially for units developed by reputable realtors.
Formerly known as Indiabulls Real Estate Ltd, Embassy Developments is a prominent player in the Indian real estate sector and is now part of the Bengaluru-based Embassy Group.
In FY 2025-26, the company reported a net loss of ₹872.47 crore, contrasting with a profit of ₹193.63 crore in the previous year. Additionally, total income dropped to ₹1,905.12 crore in the last fiscal from ₹2,546.97 crore in FY 2024-25.
Embassy Developments holds a land bank exceeding 3,000 acres across key cities.
The Embassy Group also operates WeWork India and sponsors the publicly listed Embassy Office Parks REIT, both of which are traded on stock exchanges. Furthermore, the Group manages a co-living venture named ‘Olive by Embassy.’
