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Bengaluru: Real estate firm Embassy Group on Wednesday said it has partnered SAS Infra to develop three office projects in Hyderabad, nearly three years after the former exited the city.

Embassy had exited Hyderabad in 2019-20, and has decided to re-enter the property market, buoyed by record hiring and major expansion plans by global IT, ITeS and banking, financial services and insurance (BFSI) firms.

The first project, the 36-floor Embassy SAS I Tower, of 5.2 million sq. ft. is currently under construction. The second project (3 million sq ft) Embassy Diamond Tower has begun its excavation and the third project, Crown, has 3 million sq ft of development potential. Embassy Group will act as the development manager for the first two projects, overseeing the construction, vendors, and leasing.

The construction of the three projects, located in Nanakramguda and Khajaguda, is likely to be completed in different phases, starting from the last quarter of 2023.

“Hyderabad has emerged as one of India’s most dynamic and resilient commercial markets with its strong growth and hiring outlook. Factors such as the recent return-to-office mandates and global occupiers' anticipating their next phase of expansion indicate that demand for office spaces is primed to multiply. These trends, compounded by Hyderabad’s rapidly growing infrastructure and supply of Grade-A workspaces, have underscored its emergence as a leader in net office space absorption," said Aditya Virwani, chief operating officer, Embassy Group.

Rajkumar Kurra, managing director, SAS Infra said, “…This opportunity will enable us to further break new ground with our cutting-edge and world-class projects, including I Tower, Diamond Tower and Crown. SAS Infra is known for our role in creating a revolution in Hyderabad's real estate market through our innovative designs and robust local networks that made the city a global business hub."

The projects are expected to become a part of the upcoming flagship vehicle Embassy Developments Ltd, after the composite scheme of merger between Embassy and Indiabulls Real Estate Ltd.

 

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