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For FY25, Embassy has a robust line-up of project launches in Bengaluru with a combined gross development value worth Rs.8,000 crore
2nd May, 2024 | Bengaluru: Embassy Group, a leading real estate developer, achieved its best ever performance in FY2023–24 for its Bengaluru residential business, with a record-breaking sales transaction value of Rs. 2,250 crore – an 85.5% jump from the previous year. Embassy sold 21.18 lakh sq. ft., achieving a year-on-year growth of 103% in area sold. This was primarily fuelled by interest from high-net-worth individuals (HNIs) and non-resident Indians (NRIs) in ready-to-move-in luxury projects, premium homes with differentiated amenities, and self-sustaining integrated townships.
Notably, Embassy Group achieved realisation of Rs. 15,925 per square foot for its built projects. Furthermore, plots recorded a realisation of Rs. 7,195 per square foot. The overall net average realisation across the residential portfolio stood at an impressive Rs. 12,915 per square foot, the highest in Bengaluru, cementing Embassy Group’s position as a premium real estate developer delivering unmatched quality to its customers.
Speaking on the success of the residential business and plans for FY25, Aditya Virwani, COO of Embassy Group, said, “We are extremely proud of our exceptional performance in the last year. Our residential sales of Rs. 2,250 crore includes collections amounting to Rs. 1,464 crore. This remarkable achievement is a testament to our strategic focus on strengthening and investing in the residential segment. As we anticipate a sustained upcycle in the country’s housing market in the coming years, we are committed to maintaining this momentum. With demand increasingly consolidating towards Grade A developers, we aim to replicate the same level of success we’ve achieved in the office leasing market within the residential sector.”
“We have secured a meaningful pipeline of Rs. 8000 crore GDV or 7 million sq. ft. of residential launches in FY25, many of which will be developed under our future asset agreement with Indiabulls Real Estate (IBREL). We are also eagerly looking for and exploring new opportunities beyond our existing pipeline,” he added.
In recent years, the luxury housing sector in India has expanded significantly due to evolving lifestyles, rising disposable incomes, and a thriving aspirational class. The demand for homes from Grade A developers has been particularly pronounced in major metropolitan cities, along with the emergence of new micro-markets characterised by upscale developments and premium infrastructure. As India’s economy continues its momentum, the housing sector is poised for sustained growth, presenting lucrative opportunities for developers to cater to the discerning preferences of homebuyers.