You are here: Home » PTI Stories » National » News
Business Standard

Embassy Group on expansion mode in TN

Business Finance

Press Trust of India  |  Chennai 

Property developer Embassy Group is currently expanding its commercial office space, residential projects as part of efforts to further its presence in the state, a company official said today.

The company was also setting up a residential project, Embassy Residency, the first integrated township for the group in the city, the group's Vice-President, Residential Business, Reeza Sebastian said in a statement here.

Besides, it also commenced work on its special economic zone called 'Embassy Tech Zone,' on a 30-acre property near Pallavaram here, she said.

Sebastian noted that "the city's steadily improving office market, improving fundamentals in the IT/ITeS and the growth of manufacturing have contributed to the real estate sector's superior performance. We at Embassy believe that Tamil Nadu has immense potential in the residential sector."

On the second phase of Embassy Residency project to come up in Sholinganallur near here, she said it would be launched "shortly."

The Embassy Group has partnered with Brookfield Asset Management to develop 200 acre plot of land in Sriperumbudur.

The company is planning to develop industrial and warehouse buildings and also sell industrial plots to end users on a build to suit basis, Sebastian said.

The total project cost is estimated to be Rs 900 crore and will take close to five to seven years, she added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, January 10 2018. 16:10 IST