Chennai, 10th January 2018: Embassy, India’s leading property developer is strengthening its foothold in Tamil Nadu, with its top notch commercial office space and Integrated residential development in Chennai. The group forayed into the city in the year 2010 with Chennai’s first world class Integrated township, Embassy Residency and is now offering a commercial project, Embassy Splendid Tech Zone, a 30-acre SEZ property in the city, in line with its success streak in Bengaluru and Pune.
Embassy expanded its residential portfolio with its maiden project in Chennai – Embassy Residency. Spread across 25 acres of land near Sholinganallur, this is the first integrated township for the group in Chennai. The project is strategically located and is an attractive investment destination with easy connectivity to various important locations in the city. Embassy Residency launched its first phase of 1500 apartments in 1.5, 3 & 3.5 BHK formats, with the second phase to be launched shortly. Setting a vibrant community around a Global Hospital and a school, this Integrated township is the first of its kind offering end to end living facilities and amenities. Also on offer is a dedicated property management service by Embassy Services Pvt Ltd. Other distinct features at Embassy Residency includes atmospheric potable water, rainwater harvesting and energy saving measures that is designed for IGBC Gold Certification.
Last year, Embassy Office Parks set up its first commercial project Embassy Splendid Tech Zone. Initially developed on a 30 acre land parcel, the property has the potential to scale up by another 80 acres. The estimated potential area of the Embassy Splendid Tech Zone that includes both SEZ and Non SEZ areas is 4.5 million sq. ft. The property is strategically located on the Thoraipakkam-Pallavaram radial road, one of the key micro markets in Chennai. It is 4 kms from the international airport, 1.6 kms from Pallavaram Railway Station and connected to Velachery MRTS. Phase 1 of this project will be 2 million sq. ft. and is expected to be completed by 2018. Inspired by Embassy Manyata Business Park Bengaluru, which is India’s largest office park, this landmark property will offer world class amenities including 24×7 surveillance and command centre, ambulance service, ATM, Intra-park shuttle service, common food court, monthly fire and safety audits, aesthetically designed break out areas etc.
With a clear foresight Embassy recognized the need for Industrial and Warehousing spaces in India, to meet the ever-growing demand of logistics requirements of industry verticals such as E-commerce, 3PL, FMCG, retail, consumer durables, apparel and fashion, automotive, pharmaceutical and healthcare, high tech and telecom. Embassy Industrial Parks is developing large scale and fully managed industrial parks totalling to about 20 million Sq ft over the next five years.
Embassy has partnered with Canada-based real estate investor Brookfield Asset Management, Inc in an asset specific deal to develop 200-acre plot of land in Sriperumbudur near Chennai. Embassy is planning to develop built-to- suit industrial & warehouse buildings, and also sell industrial plots to end users who want to build their own facility. The total project cost will be about Rs. 900 crores and will take close to five to seven years to develop depending on the demand. The project is expected to see significant demand from auto and auto ancillary companies in Sriperumbudur & Oragadam belt, and is expected to benefit from strong industrial eco-system existing in Chennai. Post GST, project is also expected to see demand from 3PLs, FMCG, E-commerce and retail sectors for warehouse space catering to Chennai.
Reeza Sebastian, Senior Vice President – Residential Business, Embassy commented, “We have witnessed that the Chennai market is stable, and end-user driven with steady economic activity, migratory population and an excellent socio-cultural background. As compared to other metro cities, Chennai can be considered as one of the most affordable markets. 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. We see a great future in the city and Embassy is quite excited to be part of the journey.”
Commenting on the development in Tamil Nadu, Mike Holland, CEO, Embassy Office Parks said, “We are establishing our footprint in Tamil Nadu with these key projects in line with our vision, to replicate our success in Bengaluru across other cities. We believe that Chennai is growing at a fast pace, with the rising demand for top A Class Real Estate development including Business Parks, Integrated townships and Industrial Parks. The rapid infrastructure development taking place in line with the Vision 2023 of the State Government is also very encouraging, and we believe that we are at the right place, at the right time. We are looking forward to strengthening our presence in this region over the next few years, and be an integral part of the growth story”