Embassy launches Rs 4,500 cr housing projects in North Bengaluru

BENGALURU: Embassy Developments has launched two residential projects with a combined gross development value (GDV) of about Rs 4,500 crore in North Bengaluru, as the listed developer steps up its housing business after years of being better known for commercial real estate.The projects, Embassy South Reserve and Embassy Riverine, form the first phase of an 85-acre residential development at Tharahunse, north of Yelahanka. Embassy expects to invest about Rs 2,000 crore in the two projects.The launch comes amid a larger residential push by Embassy. Managing director Aditya Virwani said the company has launched about Rs 22,000 crore of residential GDV over the past 12 months, generating around Rs 7,000 crore in sales. It plans another roughly Rs 10,000 crore of launches by March 2027 and is targeting Rs 8,000 crore of residential sales this fiscal.South Reserve, spread over 14 acres, will have 855 apartments, largely in 2, 2.5, 3 and 3.5 BHK configurations ranging from 1,300-2,200 sft. Prices start at around Rs 2 crore. Riverine will have 217 villas across about 50 acres, ranging from 4,250-7,500 sft and starting at about Rs 14 crore.Virwani said close to 90% of Embassy’s current Bengaluru residential pipeline is concentrated in the north. He attributed demand at the top end partly to wealth creation among entrepreneurs and high-net-worth buyers. “What was once a Rs 10 crore ticket is kind of now a Rs 20 crore ticket,” he said.Water management is also a key issue for the project, given recurring water stress across Bengaluru’s fast-growing peripheral areas, where apartment communities have increasingly relied on borewells and tankers. Demand for city’s municipal water tanker service rose 20-25% earlier this year as groundwater levels fell in parts of the city.Embassy said the project will capture rainwater through rooftops and natural catchments and use groundwater recharge systems. Its network is designed to circulate up to 65 million litres of water at maximum capacity.A second residential phase of about 18 acres and a 120-acre commercial development, Embassy Innovation Park, are planned on adjoining land.Get the latest Business News and Live updates. Download the TOI app.