Chennai, Jan 10(PTI) Property developer Embassy Group iscurrently expanding its commercial office space, residentialprojects as part of efforts to further its presence in thestate, a company official said today.
The company was also setting up a residential project,Embassy Residency, the first integrated township for the groupin the city, the group's Vice-President, Residential Business,Reeza Sebastian said in a statement here.
Besides, it also commenced work on its special economiczone called 'Embassy Tech Zone,' on a 30-acre property nearPallavaram here, she said.
Sebastian noted that "the city's steadily improvingoffice market, improving fundamentals in the IT/ITeS and thegrowth of manufacturing have contributed to the real estatesector's superior performance. We at Embassy believe thatTamil Nadu has immense potential in the residential sector." On the second phase of Embassy Residency project to comeup in Sholinganallur near here, she said it would be launched"shortly." The Embassy Group has partnered with Brookfield AssetManagement to develop 200 acre plot of land in Sriperumbudur.
The company is planning to develop industrial andwarehouse buildings and also sell industrial plots to endusers on a build to suit basis, Sebastian said.
The total project cost is estimated to be Rs 900 croreand will take close to five to seven years, she added. PTI VIJROH.
This is unedited, unformatted feed from the Press Trust of India wire.