May 2, 2024: Real estate developer Embassy Group recorded sales transaction value of Rs 2,250 crore in FY2023–24 for its Bangalore residential business, witnessing an 85.5% increase from the previous year. The company sold 21.18 lakh square foot (sqft), 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, as per an official release.
Embassy Group achieved realisation of Rs 15,925 per sqft for its built projects. Furthermore, plots recorded a realisation of Rs 7,195 per sqft. The overall net average realisation across the residential portfolio stood at a Rs 12,915 per sqft, the highest in Bangalore.
Aditya Virwani, COO of Embassy Group, said, “Our residential sales of Rs 2,250 crore includes collections amounting to Rs 1,464 crore. 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 msf of residential launches in FY25, many of which will be developed under our future asset agreement with Indiabulls Real Estate (IBREL),” he added.
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