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    Embassy Group to invest Rs 1,000 crore to develop mid-income project in Bengaluru

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    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,” Jitu Virwani, Chairman and Managing Director, Embassy Group, told ET.

    The proposed expenditure is with regards to construction and development of the project and does not include the land cost.

    The entire project with total 4 million sq ft saleable area and 3,000 apartments will be developed in two phases and the first phase will be spread over 12 acres. The first phase will have total 826 apartments with 1 million sq ft saleable area. The company has already received bookings for 200 apartments.

    Embassy Edge is part of a larger integrated township development Embassy Springs spread over nearly 300 acres. Embassy Group already has 4 million sq ft of ongoing residential projects including luxury apartments, villas and integrated townships.

    This project, located 9 kms from the Bengaluru International Airport, comprises of 1 BHK, 2 BHK, 2.5 BHK and 3 BHK apartments that range from 607 sq ft to 1,406 sq ft with prices starting from Rs 36 lakh. The smart homes in this project will be Alexa-enabled and come preinstalled with an Amazon Echo device.

    Info- https://realty.economictimes.

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