Embassy REIT to Develop 1.9 million sq ft Office Space in Embassy Tech Village, Bengaluru Pumping Close to INR 900 Cr

According to informed sources, Embassy Office Parks REIT would invest close to Rs. 900 crore to create nearly two million square feet of office space in Bengaluru's Embassy Tech Village. This development is being spearheaded by Embassy Office Parks REIT, India's first publicly traded actual property investment trust (REIT) backed by Blackstone and real estate development business Embassy group.

With increased demand for commercial real estate, the embassy team is concentrating on expansion and intends to expand 1.9 million square feet over four buildings in a single phase at Embassy Tech Village. Embassy REIT is currently developing a total of 4.6 million square feet of property, including two new 1.9 million square foot office towers.

According to official sources, the total development cost of the brand new 1.9 million square feet commercial area in Bengaluru is around Rs. 850 crore. The remaining 4.6 million square feet may be developed during the next 36 months.

As demand for Grade-A office space increases, the Bangalore commercial real estate market is beginning to take off. This would also surely impact the Bangalore residential real estate market as well positively.