Realty firm Embassy Developments will invest ₹1,500 crore to construct a 3 million sq ft office complex in Bengaluru as part of its strategy to generate rental income from commercial assets.

The company is mainly into housing segment with presence across Bengaluru, Mumbai Metropolitan Region (MMR) and Delhi-NCR.

In an interview with PTI, Embassy Developments Managing Director Aditya Virwani mentioned that the company's focus would largely remain on the growing residential business.

However, he said the company would build office assets for rental income.

Virwani said the company will develop a large 35-acre office complex in Bengaluru comprising 6 million sq ft area.

"We will develop this project is two phases. The construction of first phase covering 3 million sq ft has started," he said.

Asked about investments for the first phase, Virwani said it would be around ₹1,500 crore, excluding land cost.

Virwani said the office spaces would be leased to corporates.

Bullish on India's office market, he noted that the demand for prime workspaces continues to be strong especially from foreign players who want to set up Global Capability Centres (GCCs) in India.

On the residential business, Virwani highlighted that the sales bookings last fiscal more than doubled to ₹4,631 crore on strong consumer demand.

For the current fiscal, he said the company has set a target to achieve ₹8,000 crore worth of sales bookings.

This includes ₹2,000 crore worth of sales in a housing project that the company is building on a DM (development management) model.

Embassy Developments will launch nearly ₹20,000 crore worth of homes this fiscal to expand business and cater to rising demand especially for housing units launched by established branded realtors.

Embassy Developments, erstwhile Indiabulls Real Estate Ltd, is one of the leading real estate companies in India. The company is now part of Bengaluru-based Embassy Group.

In 2025-26, the company posted a net loss of ₹872.47 crore. In the preceding year it had posted a profit of ₹193.63 crore. The total income declined to ₹1,905.12 crore in the last fiscal from ₹2,546.97 crore in 2024-25.

Embassy Developments has a land bank of more than 3,000 acres across major cities.

Apart from Embassy Developments, the Embassy Group owns coworking firm WeWork India and is sponsor of listed Embassy Office Parks REIT. Both are listed on stock exchanges.

The Group also runs co-living business named 'Olive by Embassy'.

Published on June 28, 2026