Alembic’s real estate arm Alchemy forays into Bengaluru

AHMEDABAD: Vadodara-based Alembic Group’s real estate arm, Alchemy Real Estate, forayed into the Bengaluru Real Estate market with the launch of ‘Urban Forest’, its first project in Whitefield, Bengaluru.

In 2010, the Alembic Ltd’s its flagship drug company undertook demerge to create a separate entity Alembic Pharmaceuticals Ltd, while some of the pharma unit and real estate remained with the parent company.

“In a span of 3 years since our inception, we have been able to help transform living experiences and look forward to doing the same in Bengaluru in the years to come.” Said Mr. Udit Amin, President, Alembic Ltd. Alchemy has built two residential projects totalling over 900 residences in Vadodara, Gujarat.

The company’s Bengaluru ‘Urban Forest’ is located near Hope Farm Junction and is just 2.5 km from the International Tech Park Bengaluru. The company claims that the project is located just a short distance away from workplaces, schools, malls and hospitals. The project would have 636 two and three bedroom luxury apartments which would be spread out in four towers over eight acres of land with two acres of amenities and three acres of green space in a gated community.

Alembic is 107-year-old group of companies and the group’s market cap is Rs. 9,578 crore while its turnover is Rs. 2,200 crore. The group’s both the company – Alembic Ltd and Alembic Pharmaceuticals Ltd are listed, while its real estate company – Alchemy Real Estate remained unlisted entity.