One of the renowned developers of Bengaluru, Embassy group has recently announced to spend 1000 crore to develop mid-income project in the city. The residential project, name -Embassy Edge will spread across 41 acres of area and will be completed in next 4 years. However, the proposed expenditure includes both construction and development of the project and does not include the land cost.
According to Jitu Virwani, Chairman and Managing Director, Embassy Group, “Of the total Rs 1,000 expenditure, the company will be infusing Rs 200 crore initially. We are planning to raise construction finance of Rs 200 crore, while balance will be funded through customer advances.”
‘Embassy Edge’ is part of a larger integrated township development Embassy Springs which is spread over nearly 300 acres. However, Residential project ‘Edge’ will be developed in 4 million sq ft saleable area and include 3000 affordable residential units. The whole project will be completed in two phases out of which the first phase will spread over 12 acres.
As per the company officials, the first phase will have a total of 826 apartments with 1 million sq ft saleable area. The company has already received bookings for 200 apartments.
Embassy Edge is located at a distance of 9 kms from the Bengaluru International Airport. The project offers 1 BHK, 2 BHK, 2.5 BHK and 3 BHK budget-friendly apartments that range from 607 sq ft to 1,406 sq ft, price of whose starts from Rs 36 lakh. All the residences are smartly developed with innovative automated techniques like Alexa and Amazon Echo devices.