May 31, 2023: Leading real estate developer Embassy Group on Wednesday said it generated Rs 1,370 crore in revenue from its residential business in the financial year 2022-23 (FY), growth of 210% when compared to the previous year.
In a statement issued today, the company said it sold a total of 10.73 lakh square foot (sqft) in FY23, boosted by continued buyer interest in luxury housing and a growing preference towards ready-to-move-in projects, larger home spaces and hotel-inspired amenities.
Renowned for its luxury residential developments, Embassy Group’s projects start at a price tag of Rs 2 crore plus, with an average price realisation of Rs 11,615 per sqft, one of the highest in the Bangalore real estate market. Bangalore’s contribution to total luxury housing sales for the company has doubled from the previous year’s 5% to 10% in 2022.
“With a strong focus on project completion, Embassy Group achieved healthy sales bookings through FY23, supported by sustained homebuyer interest for high-quality products. Our efforts were aimed at the sale of our existing projects to pave the way for upcoming ones in FY24. The growth in revenue is a clear indicator of positive homebuyer sentiment and an increased preference for luxury projects in Bengaluru, the third top-performing luxury housing market in India after Mumbai and NCR,” Reeza Sebastian Karimpanal, executive- president-residential business, Embassy Group, said.
Speaking about the renewed focus on the residential business and plans for FY24, Aditya Virwani, COO of Embassy Group, says, “The last financial year has been characterised by a focus on our residential and commercial businesses in equal measures, investing in and strengthening both asset classes. We will continue to be bullish on the niche but rapidly flourishing luxury market as well as aim to provide affordable world-class housing for India’s growing middle-class. We are currently engaged in ongoing negotiations for joint ventures, joint development agreements, and low-capex acquisitions to further strengthen our project pipeline across cities. We are optimistic that significant revenue generation will enable growth and debt reduction, leading to an augmentation in growth potential.”
“Our aim is to increase our new project pipeline to launch at least four new residential projects in FY24, with a development potential of 5 million square foot and an expected gross revenue of over Rs 3,000 crore,” he added.
Founded in 1993, Embassy Group has a portfolio of over 66 msf of prime commercial, residential, retail, hospitality, services, and educational spaces across Bangalore, Chennai, Pune, Mumbai, Noida and Trivandrum in Indian Markets, and Serbia and Malaysia in the international markets.
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