Embassy Developments is set to invest ₹1,500 crore to construct a 3-million-square-foot office complex in Bengaluru. According to Aditya Virwani, the project is part of a broader strategy to expand the company’s commercial rental portfolio while maintaining its primary focus on the residential real estate sector across Bengaluru, the Mumbai Metropolitan Region, and Delhi-NCR.
Expansion of Commercial Office Assets
The new office complex will span a 35-acre site in Bengaluru, with a total planned development of 6 million square feet. The firm has initiated construction on the first phase, which accounts for 3 million square feet. According to Virwani, the ₹1,500 crore investment figure excludes land costs.
The company intends to lease these spaces to corporate tenants. This move aligns with broader market trends where demand for prime workspaces remains robust, driven largely by foreign players who want to set up Global Capability Centres (GCCs) in India.
Growth in Residential Business
While the firm is scaling its commercial footprint, the residential segment remains its core business driver. The company reported that sales bookings for the last fiscal year more than doubled, reaching ₹4,631 crore. For the current fiscal year, Embassy Developments has set a target of ₹8,000 crore in sales bookings.
This target includes ₹2,000 crore derived from a project managed under a development management (DM) model. To meet rising consumer demand for projects backed by established brands, the company plans to launch new housing units valued at approximately ₹20,000 crore throughout the current fiscal year.
Corporate Profile and Financial Context
Formerly known as Indiabulls Real Estate Ltd, the company now operates as part of the Bengaluru-based Embassy Group. The firm maintains a significant land bank exceeding 3,000 acres in major Indian cities.
Financial performance for the last fiscal year showed a shift, with the company reporting a net loss of ₹872.47 crore compared to a profit of ₹193.63 crore in the previous year. Total income for the period was recorded at ₹1,905.12 crore, down from ₹2,546.97 crore in 2024-25.
Beyond its direct development arm, the Embassy Group’s broader ecosystem includes:
- Embassy Office Parks REIT: A publicly listed entity focused on commercial real estate.
- WeWork India: A coworking provider operating under the group’s umbrella.
- Olive by Embassy: A co-living business segment.
Frequently Asked Questions
What is the focus of the new Bengaluru project?
The project is a 35-acre office complex intended for commercial leasing. The first phase, currently under construction, involves 3 million square feet of workspace.
How does the company balance residential and commercial projects?
According to Aditya Virwani, the company’s primary focus remains on the residential sector, though it continues to develop commercial assets specifically to generate long-term rental income.
What is the sales target for the current fiscal year?
The company has set a sales booking target of ₹8,000 crore for the current fiscal year, supported by a pipeline of new residential launches valued at ₹20,000 crore.
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