Residential share will go up to 50% in the next five years, hopes Embassy

Embassy is currently developing 4.5 million square feet of residential properties and 10 million square feet of infotech office properties

Bengaluru-based Embassy Group, one of the biggest office property developers in the country, is upbeat on its residential projects segment, which, it hopes, will grow from a mere 15 per cent to a whopping 50 per cent in the next five years.

“We see in the next five years this (residential) will be the biggest market,” said Jitu Virwani, chairman of Embassy Group, which has partnered Blackstone for office projects.

Embassy, which was hitherto focusing on luxury projects, is now planning to float a platform with investors to foray into the affordable housing segment.

In February this year, Bengaluru-based Prestige Group and HDFC