The company recently sold a 25-acre land parcel in Whitefield, Bengaluru to semiconductor equipment manufacturer Lam Research (India) Pvt Ltd, for Rs ₹1,125 crore
Real Estate developer, Embassy Developments Ltd has announced the signing of a Joint Development Agreement (JDA), for 17.6 acres of land in Whitefield, Bengaluru to build a residential community with esan timated gross development value (GDV) of ₹1,600 crore. The project is planned to launch in FY27.
The development will cover about 1.6 million square feet (msf) of sellable space and will include around 1,000 modern apartments. Specifically aimed at young professionals working in the IT and ITeS sector, the apartments will have 2 BHK, 2.5 BHK, and 3 BHK layouts. It will be located off Whitefield’s main road, where connectivity is set to improve with the upcoming Peripheral Ring Road (PRR), Satellite Town Ring Road (STRR), and the recently launched Metro Purple Line.
Aditya Virwani, Managing Director, Embassy Developments Ltd ., said, “Whitefield continues to be a strategic focus for us. While we have a secured launch pipeline of 10 projects for FY2026 with an expected GDV of over ₹22,000 crore, this deal reinforces our commitment to building a robust future pipeline and we are actively exploring new opportunities across key markets.”
Commercial developments
Embassy Developments Ltd (formerly known as Equinox India Developments Limited and earlier as Indiabulls Real Estate Limited), was founded in 2006 and has since worked on commercial developments like Embassy Manyata Business Park in Bengaluru, and One International Centre and One World Centre in Mumbai, as well as multiple projects across India in cities like Gurugram, Chennai, Madurai, Ahmedabad, Jodhpur, Vizag, Indore, etc. The company is listed on NSE and BSE and its net consolidated total income stands at ₹1,182.61 crore in Q4 FY25 as against ₹401.54 crore it recorded in the similar quarter last year.
The company recently sold a 25-acre land parcel in Whitefield, Bengaluru to semiconductor equipment manufacturer Lam Research (India) Pvt Ltd, for ₹1,125 crore. They have also raised ₹10.6 billion through the conversion of unlisted warrants into equity shares by the promoter group, and Blackstone Real Estate Fund in May this year.
Following approval on the merger between Nam Estates Private Ltd and the Company, by the National Company Law Appellate Tribunal (NCLAT) in January 2025, Embassy Group (Mr Jitendra Virwani, Mr Aditya Virwani with certain group entities) has become the new promoter with a 42.44% stake.
(Report filed by bl intern Divyatha Chilukuri)
More Like This
Published on June 23, 2025