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Embassy Group To Develop 41 Acre Mid-Income Housing Project in Bengaluru

Embassy Group To Develop 41 Acre Mid-Income Housing Project in Bengaluru

Embassy Group To Develop  41 Acre Mid-Income Housing Project in Bengaluru

 

A top company official has said that the Embassy Group will spend approximately Rs 1,000 crore to develop its Bengaluru residential project Embassy Edge spread over 41 acres over the coming 4 years. With this project, they will enter the mid-income group housing segment.

Jitu Virwani, Chairman and Managing Director, Embassy Group said, “Of the total Rs 1,000 expenditure, the company will be infusing Rs 200 crore initially. We are planning to raise construction finance of Rs 200 crore, while the balance will be funded through customer advances.”

The proposed expenditure does not include the land cost; this amount will be used for construction and development of the project.

Embassy Edge will be developed in two phases and the first phase will be spread in over 12 acres. The whole project offers 4 million sq ft saleable area and 3,000 apartments. The first phase, which has already received bookings for 200 units, will have total 826 apartments with 1 million sq ft saleable area. Embassy Edge is part of a larger integrated township development Embassy Springs spread over nearly 300 acres.

Located 9 kms from the Bengaluru International Airport, this project offers 1 BHK, 2 BHK, 2.5 BHK and 3 BHK apartments that range from 607 sq ft to 1,406 sq ft with prices starting from Rs 36 lakh. Each smart home will come preinstalled with an Amazon Echo device and will also be Alexa-enabled.

 

Source : Realtynxt

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