Embassy Group, SAS Infra develop 14 mn sq ft office space in Hyderabad
Hyderabad: Real estate company Embassy Group along with SAS Infra has announced the development of three Grade-A office spaces encompassing 14 million sq ft in Hyderabad’s financial district. According to a press release issued on Wednesday, the company said that its decision to re-enter Hyderabad marks its growing confidence in the city’s real estate landscape, buoyed by record hiring, major expansion plans by global IT, ITeS and BFSI forms, and heightened physical occupancy levels.
The first of the projects, the 36-floor Embassy SAS I Tower, comprising of 5.2 million sq ft is currently under construction, while the second project – a 3 million sq. ft. Embassy Diamond Tower — has begun excavation. The third project, Crown, will have a potential of 3 million sq ft of commercial space, with Embassy and SAS Infra partnering to develop it.
Embassy Group will act as the development manager for the first two projects, overseeing the construction, vendors, and leasing, the release said. The construction of the three projects is likely to be completed in different phases, starting from the last quarter of 2023.
Embassy Group COO Aditya Virwani said, “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.”
SAS Infra group MD Rajkumar Kurra said, “We are pleased to join hands with Embassy Group, one of India’s largest real estate developers, to develop three world-class commercial spaces in the heart of the city.”
The project will currently fall under NAM Estates Pvt. Ltd., and is expected to become a part of the upcoming flagship vehicle Embassy Developments Ltd., following the composite scheme of merger between Embassy and Indiabulls Real Estate Ltd — subject to regulatory approvals.
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