Chennai, Jan 10 Property developer Embassy Group is currently expanding its commercial office space, residential projects as part of efforts to further its presence in the state, a company official said today.
The company was also setting up a residential project, Embassy Residency, the first integrated township for the group in the city, the group's Vice-President, Residential Business, Reeza Sebastian said in a statement here.
Besides, it also commenced work on its special economic zone called 'Embassy Tech Zone,' on a 30-acre property near Pallavaram here, she said.
Sebastian noted that "the city's steadily improving office market, improving fundamentals in the IT/ITeS and the growth of manufacturing have contributed to the real estate sector's superior performance. We at Embassy believe that Tamil Nadu has immense potential in the residential sector."
On the second phase of Embassy Residency project to come up in Sholinganallur near here, she said it would be launched "shortly."
The Embassy Group has partnered with Brookfield Asset Management to develop 200 acre plot of land in Sriperumbudur.
The company is planning to develop industrial and warehouse buildings and also sell industrial plots to end users on a build to suit basis, Sebastian said.
The total project cost is estimated to be Rs 900 crore and will take close to five to seven years, she added.