Embassy Developments (formerly Indiabulls Real Estate Ltd) will invest ₹1,500 crore to construct a 3 million sq ft office complex in Bengaluru, according to Managing Director Aditya Virwani. The project is part of the realty firm's strategy to generate rental income from commercial assets, even as it remains primarily focused on the housing segment.
Office Expansion in Bengaluru
Virwani told PTI that the company will develop a large 35-acre office complex in Bengaluru comprising 6 million sq ft area. "We will develop this project in two phases. The construction of the first phase covering 3 million sq ft has started," he said. The investment for the first phase is ₹1,500 crore, excluding land cost. The office spaces will be leased to corporates.
Virwani noted that demand for prime workspaces continues to be strong, especially from foreign players setting up Global Capability Centres (GCCs) in India.
Residential Business Momentum
On the residential front, Embassy Developments saw sales bookings more than double last fiscal to ₹4,631 crore, driven by strong consumer demand. For the current fiscal, the company has set a target of ₹8,000 crore in sales bookings, including ₹2,000 crore from a housing project built on a development management (DM) model. The company plans to launch nearly ₹20,000 crore worth of homes this fiscal to cater to rising demand for branded realtor housing.
Financial Snapshot
Embassy Developments reported a net loss of ₹872.47 crore in 2025-26, compared to a profit of ₹193.63 crore in the previous year. Total income declined to ₹1,905.12 crore from ₹2,546.97 crore in 2024-25.
| Metric (₹ crore) | FY2025-26 | FY2024-25 |
|---|---|---|
| Net Income (Loss) | (872.47) | 193.63 |
| Total Income | 1,905.12 | 2,546.97 |
The company holds a land bank of more than 3,000 acres across major cities including Bengaluru, Mumbai Metropolitan Region (MMR), and Delhi-NCR.
Group Overview
Embassy Developments is now part of Bengaluru-based Embassy Group. The group also owns coworking firm WeWork India and is the sponsor of the listed Embassy Office Parks REIT. Additionally, it runs a co-living business named 'Olive by Embassy'.
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