Embassy Group plans to focus only on affordable homes to drive growth
Real estate firm Embassy Group plans to focus on mid-income and affordable homes, instead of uber-luxury, to drive growth. “The company has decided not to build anymore above Rs 2-crore property as there is an oversupply in this segment. Also, with real estate regulatory coming in, buyers want to see the product before investing in such high-end assets,” said Aditya Virwani, the newly appointed chief operating officer. The Bengaluru-based company will now develop more mid-income housing projects of up to Rs 80 lakh, apart from venturing into affordable homes costing about Rs 30 lakh. These projects will be spread over 800-1,300 sq ft in 1-, 2-, and 3-bhk configurations. “There is a good demand for mid and affordable projects now,” he said. Embassy also plans to launch large commercial projects, with demand from large companies rising for big offices spaces across the southern cities. “We have around 200 acres of residential and commercial projects in the planning stage around the Bangalore airport. The commercial component in it will be 10 million sq ft,” said Virwani, who is also part of the recently constituted real estate investment trust board.
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