Embassy Group ties up with SAS Infra to develop three office projects in Hyderabad

NEW DELHI: Realty firm Embassy Group on Wednesday said it has partnered with SAS Infra to develop three premium office projects encompassing 14 million square feet in Hyderabad.

“Embassy’s decision to re-enter Hyderabad marks growing confidence in its real estate landscape, buoyed by record hiring, major expansion plans by global IT, ITeS and BFSI firms (information technology, IT-enabled services, and banking, financial services and insurance), and heightened physical occupancy levels,” the Bengaluru-based company said in a statement.

The first project ‘Embassy SAS I Tower’, comprising 5.2 million square feet, is currently under construction, while excavation work has started at the second project, the 3 million square feet ‘Embassy Diamond Tower’. The third project, Crown, will have a potential of 3 million square feet of commercial space to be developed by the two partners jointly.

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 is likely to be completed in different phases, starting from the last quarter of 2023.

Aditya Virwani, COO (Chief Operating Officer), Embassy Group, 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.”

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, he added.