Executes detailed MoU for 100Cr Kadubeesanahalli Metro Station with BMRCL
Bengaluru, 5th June 2018: The Embassy Group continues its pledge to the development and welfare of Bengaluru and its citizens with the commitment to invest more than Rs 300 crore for the city’s infrastructure projects like a Metro station, flyovers and walkways. Following its MoU with BMRCL for construction of Kadubeesanahalli Metro Station signed on 23 June 2017 relating to Embassy Tech Village (ETV), the company has now executed a detailed MoU with BMRCL for the construction of a Metro station at ETV on the North Outer Ring Road. In addition to the Rs 100 crore investment in Embassy TechVillage Kadubeesanahalli Metro station, it will also install a Skywalk at ETV at approx Rs nine crore.
As part of its commitment to the development of the city infrastructure, the Embassy Group is also funding the flyover between the Thanisandra junction and Nagawara Lake junction with dual spur roads, leading directly in and out of Embassy Manyata Business Park at a cost of Rs 150 crore. In order to facilitate the Metro-related work in the area (shifting of metro line and station), the company will contribute Rs 32 crore for acquiring a parcel of land. The Embassy Manyata Skywalk on the Outer Ring Road, installed by the Embassy Group costing Rs seven crore, has eased pedestrian movement around Embassy Manyata Business Park to reduce traffic disruption, supporting over 25,000 pedestrian users every day.
Commenting on the signing of the agreement with BMRCL, Mr. Jitu Virwani, Managing Director and Chairman, Embassy Group said, “The Embassy TechVillage Metro station will be located at the entrance to our established Business Park serving over one lakh corporate occupiers and 43 companies operating within the park. Working with BMRCL for a key infrastructure project in Bengaluru is another way in which Embassy continues to contribute to the city and the welfare of its citizens. Urban Infrastructure is a focus for a global city like Bengaluru and we are happy to support this initiative. The extended section of the Namma Metro will enhance connectivity between business districts and residential localities. Embassy Group will continue to support the creation of world-class public transportation for the citizens of Bengaluru.”
Speaking on the Embassy Group’s collaboration with BMRCL Shri Mahendra Jain, IAS, Managing Director, BMRCL said “It is a matter of great pleasure that Embassy Group, the pride of Bengaluru, has come forward to join hands with Namma Metro in its ambitious plans to “connect” Bengaluru, by expanding the network to provide mobility to the enterprising citizens of Bengaluru. We have signed two agreements, one to augment our finances to expedite work on Outer Ring road and the other to facilitate and coordinate work on new flyover. This is the beginning of an association, a partnership which holds a lot of promise to develop our city beautiful”
Embassy is one of the leading property developers in India with a track record of over three decades in real estate development. Embassy has an extensive land bank across the country and has developed over 45 million sq ft of prime commercial, residential and retail space in India. Embassy’s portfolio of real estate developments spans the commercial, residential, industrial & warehousing, retail and hospitality segments of the real estate industry. Embassy‘s ongoing residential projects include luxury apartments, villas and integrated townships. The Residential portfolio includes 8 million sq feet completed, and 15 million sq. feet of ongoing and future development. Embassy’s Hospitality business comprises of 2 Hotels in Bangalore, and 3 under construction, including the Four Seasons Hotel scheduled for opening in Sept 2018. The commercial real estate business includes the development of business parks, and ten SEZ across South India including India’s first and only IGBC Platinum Certified Business Park Campus. The portfolio includes 4 Grade A Office Parks in 4 cities, with over 190 corporate occupiers, providing work space to more than 230,000 employees. Embassy Office Parks has delivered close to 30 million sq feet of commercial properties, with a strong pipeline of over 22 million sq feet at various stages of development. Embassy Office Parks are estimated to have generated in excess of $20 billion in exports under the STPI and SEZ schemes, since inception.