Embassy Group buys 100-acre land for business park in Bengaluru

BENGALURU: Embassy Group, India’s leading real estate developer, has partially acquired a 100-acre land parcel from Cornerstone Group in Varthur near Whitefield in Bengaluru.

"We plan to develop a large integrated business park — the Embassy Cornerstone Business Park — with a potential 12 million sq ft of premium office on the land over the next five years," said Jitu Virwani, chairman and managing director of Embassy Group.

The company will invest Rs 500 crore to develop the business park, said Virwani, without disclosing the purchase price. He said Embassy has bought 30 acres of land while the rest of 70 acres is for joint development. This will be Embassy Group’s fourth business park in the city.

The company also may buy two land parcels in North Bengaluru of 55 acres and 10 acres in size.

Last year, it had in partnership with a US-based private equity firm acquired majority stake in business park Vrindavan Tech Village in Bengaluru.