Corporate News Magazine Issue 15 - April 2018 - Embassy
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Corporate News Magazine Issue 15 - April 2018
Page 1 | Issue 15
CORPORATE
EDITORIAL
Chairman’s Message
Riding High – Embassy Group
As the real estate market continues to advance
with the impact of the regulations unfolded in
2017, the sector’s future growth prospects in 2018
look promising. At Embassy, we have observed
the continuous gravitation of businesses towards
large Integrated Business Parks that provide a
complete business ecosystem. Currently, our Parks
house over 2,30,000 Park users, who love their
workspaces. Our Residential business continues JITU VIRWANI
to set benchmarks with our niche luxury projects, Chairman and Managing Director
offering differentiated products, Private Residences Embassy Group
and sustainable homes which are relevant for the
future.
It is interesting to note that Bengaluru has emerged
yet again as the top destination for companies in
specific developer but now we have various
the first quarter of 2018. According to the recent
businesses across the country and internationally
CBRE Report, out of the near 11 million sq. ft. leased
too. We started small but have grown exponentially
during the 1st quarter of 2018 is at an all-time high
beyond anyone’s wildest dreams.
and marked a growth of 25% compared to the
same period last year. Leading the major deals
in the quarter was Flipkart setting up their new If I had to pinpoint any one
campus at Embassy TechVillage Business Park. The
campus, spread over 8,30,000 sq. ft., has a seating reason for this phenomenal
capacity of over 7,300 people. Flipkart has around
7,600 employees, including those in functions like growth, I would say that it is
warehouse and logistics. About 6,800 employees
would operate out of the new campus in Bengaluru
our ability to see things well
at Embassy TechVillage. ahead of time and quickly
Embassy Group is a leading real estate developer sense where the future is
with a track record of 30 years, and we have many
firsts to our credit. So far, we were a Bengaluru-
headed.
Page 2 | Issue 15
Foresight is one thing. However, having the courage
to act upon it, is something else altogether. As hotel project with Hilton at Embassy TechVillage
we’ve proven over the years, we’ve not just had Business Park, reflecting the powerful synergies
the vision to see where the world is headed, we’ve and collaboration between both Groups.
consistently had the tenacity and strength of will
to take us there. It is this spirit that makes Embassy
Group what it is, and it is this spirit that we are
Using Embassy’s proven
celebrating today as we stand on the cusp of an expertise in project
exciting future.
development, we are
At this juncture, I’m thrilled to announce that
our Corporate campaign encompassing our
focused on delivering
business in entirety, was launched last month. landmark hotels that
The corporate campaign, well thought through
and conceptualized is all about ‘Future First’. will provide an elevated
In a nutshell — The Embassy Group has always
anticipated where the world is going. And in service for our corporate
doing so, we’ve helped our investors, partners and
customers get to the future ahead of anyone else.
occupiers within their work
You’ll see our commercial that captures this spirit environment.
on major business news and lifestyle channels.
This visually stunning commercial, produced by Continuing our march towards sustainable
one of the country’s leading studios, shines the technology, we will supply power to various
spotlight on each of our diversified businesses— business parks owned/operated by Embassy Group
showcasing how our pioneering spirit has given us namely, Embassy Golflinks Business Park, Embassy
the high ground across the Real Estate spectrum— Manyata Business Park and Embassy TechVillage
Commercial, Residential, Industrial, Hospitality and Business Park through the 100MW solar PV Plant.
Services. All the parks are scheduled to go live with green
power from April 2018.
The Embassy Taurus World Technology Center
in Kerala has finally received government’s nod I also had the pleasure to be a part of the elite
and we’re thrilled to start this landmark project delegation from India, representing Equestrian
which will transform the face of the state. We Federation of India (EFI) at the inaugural edition of
also have great news on the industrial front. With the Asia Horse Week held alongside the Longines
construction of the Chakan Park progressing, and Masters of Hong Kong.
the first block being ready, we will hand it over to
the client within this quarter. Embassy’s Future First Vision and our diversified
interest have set trends giving rise to many
We also signed an MoU with West Bengal successful enterprises, as we continue to be a part
Government for 100–acre land and a JD with Patton of the India growth story in great measure. It has
Group for a 30-acre land this quarter. been an outstanding year in terms of our business,
expansion, innovation and growth. We are grateful
We’re thrilled for the new Four Seasons hotel for the goodwill and support from each one of you,
and private residences that will debut as Four which has helped us shape this organization to
Seasons Hotel Bengaluru and Four Seasons what it is today and continually aspire to do more
Private Residences Bengaluru at Embassy ONE and be more.
in the summer of 2018. We also signed our third
Page 3 | Issue 15
COVERY STORY
Driving Transformation And Innovation
Across Real Estate Industry
Embassy Group has established its forte in the real of real estate - commercial, residential, industrial,
estate industry with a strong track record of over hospitality, services and education. We were always
three decades in real estate development. We have the first to identify the potential and opportunities,
consistently seen things ahead of time and that’s and have acted upon that.
why Embassy is a pioneer in creating future ready
real estate spaces. The Embassy “Future First” film is visually stunning—
using big art and big illusions to emphasize a central
To showcase Embassy’s expertise across all real thought—that it takes perspective to see the future
estate segments to the nation, we crafted the larger first. Each vignette was painstakingly crafted to
than life corporate campaign that drives value into show one thing only to reveal it to be something
the brand by showcasing Embassy for what it really entirely different, once the perspective shifts.
is.
In a world where Computer-Generated Imagery
(CGI) is commonly employed in ad film production,
The campaign shows how this film had the courage to swim against the tide
Embassy is the innovator in making it unique where the special effects have not
been digitally manipulated. All of the props and
its space and the value we sets were meticulously crafted by hand and shot
by people who understand the nuanced dynamics
have created for those who of film-making.
have chosen us. Embassy was arguably the first to spot the office
parks trend. We were the first to spot and influence
The scintillating campaign depicts Embassy’s
development moving to North Bengaluru. We were
vision of “Future First”. The last few decades
the first to sense that in the future, people will seek
have been exciting in building our diversified
to live sustainably, as much as they seek opulence
business portfolio, which encompasses all aspects
Page 4 | Issue 15
and luxury. We were the first to see hospitality
integrated with working spaces. We were the first
to act on the potential in industrial and warehousing
spaces, to recognize that corporations are driven
by communities, first to develop hospitality
alongside real estate, in predicting that property
management will be driven by technology, to realize
that business, as usual, is rooted in dependable
services, and the first to envision a city, built around
the citizenry of the future.
We haven’t found success by analyzing where we
are but by envisioning where we want to be and
will be.
And that is how the Embassy Group is helping
investors, partners and customers get to the
“Future First”.
Having foresight is one thing. However, having
the courage to act upon it, is something else
altogether. As we’ve unswervingly proven over the
years, we’ve not just had the vision to see where
the world is headed, we’ve consistently had the
persistence and strength of will to take us there.
This well-curated corporate campaign summarizes
our efforts, the exponential growth, our We are confident that it will play a significant role
quintessential service offerings and the iconic in establishing Embassy as a key contributor, to the
assets that Embassy has developed over the years. real estate industry in India.
Page 5 | Issue 15
NEWS
Embassy Taurus World Technology Centre
In Kerala Receives Government Approval
In a momentous ceremony, joint venture entities Nair - CEO, Technopark, Trivandrum joined
Winterfell Realty Pvt. Ltd. and Dorne Realty Private the ceremony at the Chief Minister’s chamber
Limited, signed the lease agreement for 12.12 acres in Kerala Legislative Assembly Complex, in
of land in Technopark, Trivandrum, following Thiruvananthapuram (Trivandrum).
the joint venture agreement between Embassy
Property Development Pvt. Ltd. and Taurus Embassy Group will bring in its proven expertise
Investment Holdings. of project development, leasing and property
management to this landmark project. Bengaluru-
The land has been leased from Technopark, based international construction management
Government of Kerala, for a period of 90 years. firm, Synergy Property Development will manage
Out of the 12.12 acres earmarked for office space, the development of the project. Ajay Prasad and
10 acres is under the Special Economic Zone (SEZ) Hrishikesh Nair also signed the lease agreement
and 2.12 acres is non-SEZ. Embassy Taurus World for Dragonstone Realty Pvt. Ltd. who will construct
Technology Centre will build 2.8 million sq. ft. of a retail and entertainment space and a 175-key
premium Grade A office space and half a million business hotel in another 7.64 acres of non-SEZ
sq. ft. of Grade A office space in the non-SEZ land land.
parcel.
The Embassy Taurus World Technology Centre
Jitu Virwani - Chairman and Managing Director, will be a landmark project for both Embassy Group
Embassy Group, Erik Rijnbout - Global President, and Taurus Investment Holdings. Establishment of
Taurus Investment Holdings, Ajay Prasad - Country this project will open numerous job opportunities
Managing Director, Taurus Investment Holdings, M. for the people of the state and with world-class
Sivasankar – IAS, State IT Secretary and Hrishikesh firms planning major developmental projects in the
state, it will contribute to the growth of Kerala.
Page 6 | Issue 15
EVENTS
37th Ayaz Peerbhoy Memorial Lecture
The MAA Foundation and The Ad Club Bangalore successfully hosted –the
37th annual Ayaz Peerbhoy Memorial Lecture (APML), at the Windsor Manor,
Bengaluru, on 31st January 2018. Jitu Virwani - Chairman and Managing
Director, Embassy Group, had the honor of delivering the lecture.
He spoke about his successful journey and gave valuable insights from his
experience. The talk sketched a seasoned and savvy entrepreneur’s journey
from the time he started his career in property development business in 1985,
to his position as one of the visionary leaders of the industry as it stands
today.
His humble and frank talk peppered with witty anecdotes told the story of how
one can turn every setback on its head to unveil opportunities, provided they
have the grit to persevere. The audience was captivated by his perspicacity
and the story of his inspiring journey.
The lecture series was started in 1980 by MAA Group - Chairman, Bunty
Peerbhoy in memory of his late father Ayaz Peerbhoy, one of the stalwarts in
the advertising world in Mumbai..
Page 7 | Issue 15
Jitu Virwani Joins The Elite Delegation Of
EFI At Asia Horse Week
The growing equine industry in Asia has been Army dominated sport to this date, where each
a hot topic, and this session of the Asia Horse year the country has recorded a growing trend in
Week addressed this theme with Cambodia, India, civilians taking up the sport. He began by charting
Taipei, Thailand, Indonesia, and Malaysia put in the the historical role of horses in India, before listing
limelight. some of their triumphs over the years. In the last
five years,
Jitu Virwani - Chairman and Managing Director,
Embassy Group, was a part of the elite delegation
the sport has grown
from India representing Equestrian Federation of considerably, having become
India (EFI) in his capacity as the Vice President,
Finance, at the inaugural edition of the Asia Horse more affordable, accessible
Week held alongside the Longines Masters of Hong
Kong. Asia Horse Week is the annual meeting point
and available to all.
for the equestrian industry and community, a
perfect platform for EFI to showcase the progress It was a great honor for the Embassy Group to be a
of equestrian sport in India. part of this elite delegation, and we will continue in
our endeavors both as the Embassy Group and as
Jitu Virwani on behalf of the EFI addressed the part of the EFI to ensure the continued growth of
forum on how the sport has evolved over the years, the sport in India.
mapping the history from its inception, of being an
Page 8 | Issue 15
Embassy Group Acquires A Majority Stake
In JSM Corporation
Adding another feather to the cap, Embassy JSM Corp also operates other restaurant brands,
acquired a majority stake in Mumbai based F&B including Asilo, Ginger Tiger, The Big Kahuna, Plus
Company, JSM Corp that operates the Hard Rock 91 and holds the franchise for Panda Express, which
Cafe Franchise, California Pizza Kitchen, and Shiro. is yet to be launched. Embassy sees an opportunity
to expand Panda Express (a US-headquartered
Embassy Group acquired over 60% stake in the popular Chinese kitchen with revenue topping $2
company from Premji Invest, which is an investment billion) across malls, business parks and college
vehicle of Wipro Chairman Azim Premji, and campuses in India.
Jay Singh, one of the co-founders of JSM Corp.
Embassy Group’s Jitu Virwani along with the other Watch out for more exciting news in the Hospitality
co-founder, Sanjay Mahtani, now hold a 95% stake space in the months to come.
in the company.
Page 9 | Issue 15
Commercial
EDITORIAL
Editor’s Note
FY17-18 has been a momentous year for Embassy
Office Parks. As always, our Parks have continued
to come up with distinctive initiatives to deliver a
coherent and lively workspace for our occupiers,
setting benchmark practices, and securing
continued demand from corporate occupiers.
Continuing our march of progress…
The commercial real estate market has continued
to grow in 2017 and our Commercial Office
business currently stands at over 30 million sq.
MIKE HOLLAND
ft., operating at approximately 95% occupancy Chief Executive Officer
with a development pipeline in excess of 15 million Embassy Office Parks
sq. ft. across South India. Rental income from our
core EOP portfolio exceeded Rs. 1,280Cr. (approx.
$197m), a YoY growth of 13%.
We’re happy to report that in FY17-18, we closed
the year with additional new leases of circa 3.2
million sq. ft. comprising 1.6 million sq. ft. through
growth of existing occupiers new addition of 1.6 are currently in discussion with demand totaling in
million sq. ft. from 15 occupiers new to the Embassy excess of 3.2 million sq. ft. with 22 major occupiers.
portfolio - a good balance of organic growth and
new relationships which, in turn, will generate In the last year, we inaugurated several major new
future growth. Across the portfolio, we have seen standalone corporate office BTS facilities totaling
YoY rental growth of 9-16% on new deals, across 2.5 million sq. ft. for Wells Fargo, Flipkart, Lowes,
our multiple locations. and Quest, housing around 20,000 employees.
We are pleased to have these companies repose
Market reports indicated CY2017 pan-India office their confidence in the Embassy portfolio. It is
take up to be around 40 million sq. ft., a similar noteworthy that they come from multiple sectors –
level to 2016, certainly no sign of the slowdown in Banking, e-Commerce, Retail and Engineering – and
demand which some were predicting only twelve this is indicative of the diversity and sophistication
months ago. Vacancies in all relevant South India of the 190+ corporate occupiers within Embassy’s
markets continue to be sub 10%. commercial portfolio.
There is a solid demand for our world-class In FY17-18, we on-boarded the following new
commercial office space and, looking forward, we tenants to our portfolio: Anthem, CSG, HSBC,
Page 10 | Issue 15Luxoft, L&T InfoTech, Otis, Photon, Powerschool, their very own small patch of land. Their Green
SonicWALL, Strides, WeWork and Xiaomi, etc. Rider initiative that includes providing cycles to
employees for internal movement within our parks
Commercial projects in Chennai, Hyderabad, Pune, to encouraging employees to carpool as a practice
Trivandrum and of course Bengaluru are moving has led the single-occupant private vehicles
ahead vigorously to respond to the growth in entering the park to drop by 15%.
demand from our existing and new corporate
clients. At the time of writing we have 2.7 million sq. The Energize program continues with marquee
ft. under construction and anticipate completion of events to draw large crowds and spectators.
1.5 million sq. ft. in 18-19. This year’s highlights were our Sporting events:
Contours Women’s Day Run, Urban Stampede, Park
Our Hilton Hotel complex in Manyata, currently Premier League and 5-a-side Football Tournament
under construction, is one of our most ambitious hosted at Bengaluru’s largest rooftop football
projects, and we have signed an agreement arena at Embassy Manyata. Our cultural event -
with Hilton for a similar installation at Embassy Embassy’s Got Talent followed by a live-in concert
TechVillage (ETV). We have embarked upon was a roaring success with over 500 participants
these projects after the success of Embassy from 30+ companies.
GolfLinks (EGL) Hilton which, along with landmark
complementary initiative such as WeWork, is a We celebrated International Women’s Day with
part of the vision to deliver holistic, integrated, and an inspirational event, wherein leading women
sophisticated business solutions to our Corporate from diverse fields were invited to share their
Occupiers and their 230,000 employees. success stories and insights with over 140 women
leaders from within our Parks, across Corporate
An exciting and eventful year organizations. We were thrilled to have actress
Shabana Azmi as our keynote speaker who
FY17-18 saw numerous operational highlights delivered an inspiring talk on “Women competing
including: and rising on their own terms”.
Embassy Group was awarded the most prestigious Click here to view the Leading Ladies Event
“Sword of Honour” by the British Safety Council 2018.
in the last quarter. Three of our business parks
received the award for being fully committed to
excellent standards and continuous improvement Through our CSR initiatives, we make an effort to
in workplace safety and health. actively reach out to corporates to collaborate in
undertaking various transformative community
service initiatives. Last year, we forged successful
To enhance and offer new partnership with twelve of our Corporate Occupiers
age technology solutions, to improve the communities around us.
we launched several Click here to read more about our initiatives.
automated amenities like
The way ahead – FY18-19
Spar Hypermarket kiosk,
Kwik24, QikPod and None of these milestones could be reached without
the support of our office occupiers and employees.
Amazon lockers, etc. We would like to express our gratitude towards
all of you and we look forward to the new FY18-19
Embassy has always been a champion of Green with continued optimism.
Initiatives and this year was no exception. Embassy
Services’ unique employee engagement program,
the Urban Green Farming has given employees
a chance to grow their own produce through
Page 11 | Issue 15NEWS/ FEATURES
Construction Work Progressing Rapidly At
Hyderabad And Chennai Business Parks
Phoenix Embassy, Hyderabad
The construction of Phoenix Embassy Aquila in Hyderabad is in progress with the foundation
activity of Tower A and B underway. Construction of the pedestals, backfilling and retaining
wall is on and we are targeting Q1 2019 to complete the steel structure and civil works for
Tower B. The handover for Tower B is expected to be in Q3 2019.
The de-watering process for Phoenix Embassy Centaurus along with the land survey for
benchmarks and coordinates have been completed. The excavation work for the project
commenced in Feb’18.
Excavation work is also in progress for Phoenix Embassy Business Hub, of which 36% has
already been completed. The total area of Phoenix Embassy Business Park in Hyderabad is
around 27 acres spread across 3 land parcels. The estimated potential area of the Hyderabad
Park that includes both SEZ and non-SEZ is 10 million sq. ft.
Page 12 | Issue 15Embassy Splendid TechZone, Chennai
The construction activity in Embassy Splendid TechZone, Chennai at Thoraipakkam - Pallavaram road
having a total area of 30 acres is in progress at a rapid pace. Structural work has been completed for both
Blocks - 2 and 3 measuring approximately 0.9 million sq. ft. Civil and MEP works are going on.
It is expected to be delivered by Q4 2018. Excavation work for Blocks 9 and 10 is also underway measuring
0.9 million sq. ft. Phase 1 will be completed by Q1 2019.
The estimated potential area of the Chennai Park includes both SEZ and non-SEZ of 4.5 million sq. ft.
With these major projects afoot, Embassy Office Parks is in the midst of the growth story, as the Chennai
and Hyderabad markets gear up for expansion in the near future.
Page 13 | Issue 15Embassy And Swiss Re Collaborate On
Renewable Energy Project
It is a proud moment for Embassy Office Parks to building. The 377 KW solar power plant will help
collaborate with Swiss Re, a reinsurance company Swiss Re save power up to 30% and cut CO2
based in Zurich, Switzerland and the world’s emissions by 500 metric tons.
second largest reinsurer, on a sustainable initiative
to reduce carbon footprint. Its global client base Being at the forefront of leading sustainable energy
consists of insurance companies, mid-to-large- initiatives, Embassy Energy has commissioned a
sized corporations and public-sector clients. 100 MW solar project in Central Karnataka on third
party non REC route. Our business parks including,
In 2014, Swiss Re in collaboration with influential Embassy Manyata Business Park, Embassy
businesses started the RE100 initiative, which is GolfLinks Business Park, and Embassy TechVillage
a commitment to go 100% renewable for all their are partially powered by solar power.
electricity needs by 2020. They have been building
their own solar power plants in the countries they At Embassy, we have always made sincere efforts to
operate. ‘Go Green’ in every possible way. We will continue
our endeavor to empower our partners in such
Embassy Office Parks is happy to collaborate with pro-environment steps, and encourage businesses
Swiss Re based out of Embassy GolfLinks to set across the country to become more sustainable.
up a solar power plant on the roof of their office
Page 14 | Issue 15Embassy Welcomes 15 New Corporate
Occupiers
Embassy Office Parks closed additional new leases Luxoft, HSBC and Anthem. Also, many of the
of circa 3.2 million sq. ft. split between growth of existing occupants of our office parks, such as
existing occupiers and fifteen new occupiers added Cerner, Eli Lilly, and Atos, to name a few, have
to the Embassy portfolio. expanded their office spaces with us, based on the
positive experience with their current workspaces.
We inaugurated several major new standalone
corporate office spaces totaling 2.5 million sq. ft. Embassy has always made efforts to create a
for Wells Fargo, Flipkart, Lowes, Quest, housing fun and inspiring workspace for everyone. To
more than 20,000 employees. continue our endeavors, we warmly welcome our
new tenants to the Embassy family and hope they
We also, welcomed new tenants to our portfolio, enjoy working in our office spaces as much as our
to name a few - OTIS, CSG, L&T Infotech, Photon, existing tenants.
Xiaomi, PowerSchool, SonicWALL, WeWork,
Page 15 | Issue 15EVENTS
Embassy Office Parks And Contours Come
Together To Organize Women’s Day Run
Embassy Office Parks collaborated with Contours Commenting about the event, Mike Holland, CEO,
for its 9th edition of Women’s Day Run at Embassy Embassy Office Parks said, “We are happy to host
Manyata on the 4th of March. Having successfully the Contours Women’s Day at Embassy Manyata
completed 8 race editions, the 9th edition of the run Business Park consecutively for the 4th year. We
was held to spread awareness on the importance of believe in diversity and women empowerment and
staying fit and to raise funds in aid of Shristi Special have always been supporting causes that support
Academy. women. This event gives us an opportunity to
engage our corporate occupiers and contribute to
Contours Women’s Day Run is supported by a good cause. The run has seen an overwhelming
Embassy and all proceeds raised at the run will response from participants over the years and we
be used to build a multispecialty therapy hall for wish to thank everyone for making this a successful
children with special needs at the Shristi Special initiative.”
Academy. The run was also a good start point for
women to embrace a healthy lifestyle. It was open This run has been successfully garnering a lot of
to both women and men in various categories - 2K, support from the corporate occupiers of Embassy
5K and 10K runs. This year saw a turn-out of over Office Parks and runners across the city for the
3000 enthusiastic participants from across the city. past many years.
Page 16 | Issue 15Embassy Office Parks Hosts An Inspirational
Event To Celebrate International Women’s
Day
Embassy Office Parks celebrated International The 3rd edition of the Women’s Day Event
Women’s Day by hosting an Interactive talk organized by Embassy Office Parks invited leading
session with changemakers at the Hilton Bengaluru women in diverse fields, to share their success
Embassy GolfLinks on 6th March 2018. Embassy stories and insights with women from across
Office Parks has been a leader in the commercial corporate organizations. Taking inspiration from
office space, providing a truly international work the theme of International Women’s Day 2018
experience for both corporate occupiers and - #PressforProgress, Padma Shri and National
Park users. In line with Embassy’s philosophy of Award-winning actor, Shabana Azmi delivered an
‘Enhancing Lives’, the property “Leading Ladies - inspiring talk on ‘Women competing and rising on
An interactive session” was introduced by Embassy their own terms.’ Her insights and powerful clarity
Office Parks in 2016, to provide an engaging on the subject had the audience in awe and wanting
platform for women at their place of work and to more.
get inspired by women leaders.
Page 17 | Issue 15The event consisted of a series of talk sessions
providing a healthy conversation, with leaders and
role models, to champion the agenda of women
participation in India. The other speakers at the
event were distinguished personalities - Jaya
Virwani, Diversity and Inclusiveness Head, EY
Global Delivery Services and Andrew W Erekson,
a Managing Director in Compliance at Goldman
Sachs. It was an interesting discussion with
perspectives from both genders on the topic - “It’s
time to start asking women/men to lean in and
press for progress collectively”.
Rashmi Daga, Founder, Fresh Menu shared her
experiences as an entrepreneur, and the success
story of the app-based food delivery business
which was followed by a panel discussion on Mental
Health & Well-being.
The 3rd edition of the event was a spectacular
Embassy Group endeavors to foster and develop success with participation of 140+ women leaders
talent in all employees and actively encourage from 30 of our corporate occupiers, and we aim to
women to come to the forefront across all functions. organize this event in the upcoming years to bring
Taking this forward, we advocate gender inclusivity more and more women into the fold and encourage
and empowerment of women through this platform them to actively participate in the forum.
each year on International Women’s Day.
Page 18 | Issue 15COVER STORY
Commercial Market Trends: Continued
Strong Performance; Bright Prospects
The commercial real estate market continued its to be absorbed by co-working centres over
strong performance of last three years in CY 2017 2017-2020. We believe that this has potential
and with rental growth and considerable pre- to concentrate the occupier focus on our core
lease momentum we are as excited as ever on the offering – large, integrated business parks offering
prospects of the next couple of years. flexibility for growth and staged expansion and/or
consolidation in a quality environment which will
The co-working office space concept made potentially attract office space occupiers to grade
significant inroads in India promising new age work A offices.
space environment. Their focus is on encouraging
collaboration, flexibility to scale up / down, work- Digital is the buzzword that is steadily
life balance of employees and providing a wide snowballing into a significant opportunity for both
array of amenities. As per industry estimates, domestic and global organizations. Not only is
around 8-9 million sq. ft. office space is expected India leapfrogging into a digital economy creating
Page 19 | Issue 15new age business opportunities but it is also in the focus of occupiers. This has resulted in large office
process of positioning itself as an end-to-end digital space owners collaborate in PPP (public private
technologies solution provider for the world. India partnership) model with government authorities
already boasts of over 8,100 firms offering digital to develop infrastructure like metro stations,
solutions with digitally skilled talent pool of around walkways / skywalks, flyovers, etc.
4,50,000 - 5,00,000 (accounting for almost 75%
of global digital talent). Related to this aspect, there have also been
initiatives on shuttle transport services (to
Environment Social and Governance issues encourage and complement public transport),
continue to remain on top priority. enabling car pooling, etc.
• Water – increasing concerns on uninterrupted Demographic factors from a workforce perspective
supply with focus on recycling has been attracting global organizations to India
• Power – occupier organizations are not only for a while now. What is making India even more
participating in renewable power initiatives of exciting is the significant and growing consumer
office providers but also actively requesting for class making the country an important market for
roof-top solar projects in the office buildings most global businesses.
they occupy
• Green buildings – occupiers increasingly The IT-BPM employment base of around 4 million
appreciate and have soft preference for green is just a small fraction of the overall 460 million
buildings (buildings that have environment plus workforce in the country.
friendly features in construction, operation and
maintenance) The domino effect of new additions in the workforce
• Due diligence – focus on governance of office further creating indirect employment and fuelling
providers in the due diligence by prospective demand indicates very exciting times ahead.
occupiers
• CSR Collaboration – office providers and This is further indicated by number of internet
occupiers are collaborating in CSR activities subscribers expected to increase from around 465
that are resulting in such initiatives being more million in 2017 to around 750 million in 2021 and
successful smartphone users expected to double from around
• Other Sustainability & ESG issues include 300 million in 2017 to around 600 million in 2021
environmental issues such as use of plastic, (as per NASSCOM).
people centric issues such as maternity & PWD
(people with disability) and governance issues Any concerns around industry growth arising from
such as compliance, privacy, data privacy, etc. protectionist policies and automation that were
floating around at the start of 2017 have been
Infrastructure not only within the office complex allayed with absorption of around 40 million sq. ft.
/ park but also around them has been an increasing (Source: CBRE)
“Further, as per NASSCOM India’s IT-BPM
Industry alone clocked revenues of $ 167
bn in FY 2017-18 ($ 24 bn more than in FY
2015-16, i.e. growth of around 17%) and net
hire of over 1,00,000 employees.”
Page 20 | Issue 15Residential
EDITORIAL
Editor’s Note
A Year to Cherish, a Year to Look Forward
to
The past year saw the macro-economic indicators
bouncing back, placing Embassy Residential firmly
on top. A robust growth was recorded in the
southern Indian markets - Bengaluru, Chennai and
Hyderabad apart from Mumbai and NCR, propelled
by commercial demand uptake.
It is now widely expected REEZA SEBASTIAN
Senior Vice President
that 2018 - 2019 will see Residential Business
a consolidation of the
segment and subsequent
growth phase as the
outcome of policy reforms
and job creation during
2015 - 2017 starts to unfold. the project category. The residential segment is
witnessing more Joint Developments (JD) and
In a recent panel discussion organized by Housing. Joint Ventures (JV) in the making.
com, Track2Realty, industry leaders deliberated on
what impact will the recent policy changes have This is expected to attract more investors as the
on the Real Estate sector. The panel recognized price to earnings ratio for this sector improves.
that the home buyers are shifting their preferences
to ready-to-move-in, compact, right-sized From the social angle, there was much to cheer as
homes, thanks to GST implications. The panelists affordable housing emerged as the new star of the
highlighted how home buyers are expecting year, thanks to special status accorded to it by the
many global standard amenities irrespective of Union government.
Page 21 | Issue 15According to estimates, more than one crore the channel partner program has been an immense
houses would be built in rural India by 2019, backed success with the number of partners increasing to
by external commercial borrowings and refinancing 5000+ pan- India and internationally.
of loans by nationalized banks.
It has seen a growth of 82% since its launch resulting
Tapping on the opportunity, Embassy Residential in 57% increase in leads with 60% of the revenue
will be launching Embassy Edge, its new category coming from channel partners.
of contemporary compact homes for today’s
millennials. This apartment project located Playing perfect tango to our channel partner
at Embassy Springs is crafted to cater to the program was our “I AM” campaign featuring our
distinguished homebuyers with a modern mindset. patrons from Embassy Springs expressing why
they chose Embassy Springs community as their
The year also saw, Bengaluru joining Mumbai and home.
NCR as the new ultra-luxury market. Embassy
ONE, the flagship mixed used project of Embassy At Embassy, we have always been advocates of
Group and Four Seasons, brought the first private sustainable development and ensure that our
residences, Four Season Private Residences to the properties are designed accordingly. Our efforts
country. The sale of a residence for Rs. 50 crore were recognized when we received the CNBC
was recorded as the highest transaction in South Awaaz award for Embassy Pristine in Bengaluru,
India. for uniting luxury with sustainability in this project.
With the past year laying the foundation for new
Our Partners in Excellence (PIE) program took off growth opportunities in smart homes Embassy, will
in style in July 2017 with the participation of over continue to innovate in the residential space.
2000 channel partners from across the country.
Subsequently, we held partner meets in Bengaluru, Stay tuned for more updates.
NCR, Chennai and Hyderabad. We are happy that
NEWS/ FEATURES
Embassy Pristine Accomplishes A New Feat
By Winning CNBC AWAAZ Real Estate
Award 2017-18
Embassy Pristine won the CNBC AWAAZ Real on a growth trajectory and in order to recognize
Estate Award 2017-18 for the “Best Residential the efforts of the real estate fraternity across the
Project” under Luxury segment in the South Zone. country, this year the awards were conducted
The award was presented at a ceremony held on in four zones followed by a National Real Estate
the 24th of February at Windsor Manor, Bengaluru. Award.
CNBC AWAAZ Real Estate Awards presented by These elite awards bring forth the work done
RR Kabel is one of the most credible real estate across the prominent cities in the country and
awards in India. The real estate industry in India is put the spotlight on the developers, architects
Page 22 | Issue 15and contractors working tirelessly to bring real estate awards seek to include projects from
these projects to realization. Driven by stringent all the real estate formats and segments. Ranging
criteria and a robust methodology, along with from Ultra Luxury to Affordable and from Retail
comprehensive survey and a jury process, these to Commercial properties, the best projects were
awards identify India’s best projects and teams adjudged across categories.
behind them.
Hearty congratulations to the team of Embassy
The awards evaluated the real estate projects on Pristine for setting a benchmark for other upcoming
several crucial factors which are paramount in projects. We hope to carry on the good work in the
determining the “on ground performance”. The future and add more laurels to our name.
Page 23 | Issue 15‘PIE’ - Partner In Excellence Program
Successfully Launched In Hyderabad
After the huge success of our Channel Partner emerging market trends while also throwing light
Program ‘PIE - Partner In Excellence’ launch in on Bengaluru as an investment destination.
Bengaluru on 5th July 2017, followed by events in
Delhi and Chennai, we have successfully introduced Amol Vikas Kulkarni - Head, Embassy Channel and
this partnership paradigm to Hyderabad. Alliance Partners, and Embassy Priority presented
Embassy’s residential portfolio to the gathering
The event was hosted at the Park Hyatt, Hyderabad, and unveiled ‘PIE - Partner in Excellence’ program
where 110+ channel partners gathered for an for channel partners with announcements on our
extraordinary evening. We would like to extend upcoming project launches.
our gratitude to Hyderabad Realtors Association
(HRA) for supporting us in making this event an The guests were entertained by the extraordinaire,
absolute success. Narpath Raman, a mentalist and a maverick. He
impressed the channel partners with his incredible
Reeza Sebastian - Senior Vice President, Residential mind-reading skills and zany humor.
Business, Embassy Group addressed the event by
welcoming all channel partners and shared the Overall, it was a great event and was well received
journey of the Embassy Group and its various by the audience, and we look forward to building
business verticals. She further shared insights into lasting partnerships with our channel partners in
the performance of real estate in India and the the years to come.
Page 24 | Issue 15Embassy Edge - Conceptualized For
Trendsetters, Catering To A New Mindset
Embassy Edge is a new launch apartment project at Spread across 300 acres in the investment hotbed
Embassy Springs located at Navarathna Agrahara, of North Bengaluru, this property is an absolute
Devanahalli, Bengaluru. It is designed to cater to delight for the mid-income buyer with the wide
the distinguished homebuyers with a range of range of choice it offers: 188 acres of plots, parks
apartments that will appeal to different segments and lakes, 41 acres of apartments, 22 acres of villas
of buyers. and row houses; 15 acres of community facilities like
a club, school, hospital and 32 acres of commercial
From practicality of design to brilliant aesthetics, and retail space.
from solid value to out-of-the-box touches, the
craftsmanship is unparalleled; home design that There’s a new mindset that’s impatient to be
revolves around the modern mindset, Embassy heard. Its demands are exorbitant. Its standards,
Group is all set to launch its new category of uncompromising. It has set the bar enormously high
contemporary compact homes for today’s and won’t settle for anything less than trendsetting.
millennials. Embassy Edge has been designed keeping this
trendsetting mindset in view so that you can have
Embassy Edge apartments will be developed in 41 the house of your dreams without compromises.
acres of land area. The project will have 1 BHK, 2 BHK
and 3 BHK homes of various sizes and dimensions. For more details visit -
This project is expected to be launched soon and
http://www.embassysprings.com/embassyedge
the project is located at Embassy Springs, the
largest master-planned city, which is undeniably a
landmark project.
Page 25 | Issue 15EVENTS
Experience The ‘Good Life’ With Embassy
Priority
At Embassy, we have deeply ingrained our Our efforts aren’t just limited to healthcare. We
brand promise of “Enhancing Lives” by nurturing value our resident’s leisure time and aim to make
our relationships. We believe that our bonds, it worthwhile. In that essence, Embassy Priority
especially with our patrons and believers of good recently organized a lip-smacking Sunday brunch
life, is exceptionally important to create true value at Cafe Eden at Embassy Springs and gave away
and achieve our vision and mission. Keeping this a host of exciting rewards for its members. What
objective in mind, we make an effort to enhance the unfolded was a fun afternoon with their friends and
lives of our customers through various initiatives. family.
We constantly strive to find new ways to add value With an aim to delight the program members
and engage with the most important stakeholders in unique ways and enhance their customer
- the select few who call Embassy their home. With experience, Embassy Priority, in December, added
a view to enriching our relationships, Embassy a new partner tie-up, Le Meridien, Bengaluru to its
has specially designed an engagement program list of partner tie-ups.
just for true believers of good life. This program is
designed to offer a world of benefits and privileges As an Embassy Priority member, you can get red
to its homeowners and preparing them to see life carpet entries to exclusive events, indulgent fine-
from a brand new perspective. dining occasions, wine tasting sessions, gifts of
leisure and adventure, a preview of fashion shows
To keep up the efforts and add value to the lives and much more.
of our residents, Embassy Priority in association
with Apollo Hospitals organized a ‘Stay Healthy At Embassy Priority, we strive to bring extraordinary
Camp’ at Embassy Habitat, Embassy Pristine, and experiences and exquisite rewards to the life of our
Embassy Residency. As a part of the health camp, true evangelists, for inviting their family and friends
the property residents were encouraged to adopt to be a part of the good life at Embassy. We invite
healthy lifestyle practices and follow a health care you to be a part of our exquisite team to discover
regime. a world full of choicest experiences.
Page 26 | Issue 15Embassy Group Celebrates World Realtors
Day With CREAA
We celebrated the “World Realtors Day” in Chennai In our endeavor to further penetrate in various
along with CREAA (Chennai Real Estate Agents geographical areas and develop a strong channel
Association) and NAR India (National Association partner network, this event has certainly given
of Realtors). CREAA conducted the event on us the right exposure to create a strong brand
21st March, which has been recognized as World presence in South India.
Realtors Day. It was presided over by Housing
and Urban Development, Principal Secretary, S The real estate agents provide pre and after sales
Krishnan. service and explain the complex procedures of real
estate regulations to the customers. Almost 80%
As the title sponsor of the event, we celebrated this of all the real estate transactions in India happen
day with more than 400 realtors, who participated through the involvement of real estate agents.
in the event. The event was attended by various They are the pillars of the industry and their role is
office bearers of CREAA and NAR along with the critical in real estate transactions.
President of NAR India Mr. Pravin Phanse.
At the event, we had the opportunity to thank all We, as a company,
the realtors for their contribution towards the real
estate industry followed by a presentation of our
acknowledge this fact and
portfolio and a panel discussion on the role of a this event was a way to
realtor in our industry. The event was also a great
platform for us to network with various member honor the good work they
associations from across the country namely
Coimbatore, Cochin, Delhi, and Pune.
do, day in and day out.
Page 27 | Issue 15Industrial & Warehousing
EDITORIAL
Editor’s Note
Embassy Industrial Parks closed the fiscal 2017-
18 on a robust note adding new locations, making
rapid progress on the Chakan project and winning
accolades from the industry and media for our
efforts.
The year marked our entry both into North and
East India. We made two key land acquisitions in
Delhi-NCR and in Kolkata last quarter. During the
year, we had a successful representation at the
C&W Event in Amsterdam which saw the presence
of C&W delegates from UK, USA, Russia, China,
Germany, France and India.
Two leading media organizations featured us
during the year. ET Now covered us in an exclusive
interview which was featured in their Leaders of
Tomorrow episode. Financial Times highlighted
Embassy Industrial Parks featuring in Logistics
ANSHUL SINGHAL
exclusive which was circulated in 17 cities around
the world - London, Liverpool, Glasgow, Dublin, Chief Executive Officer
Frankfurt, Milan, New York, Chicago, San Francisco, Embassy Industrial Parks
Washington DC, Orlando, Tokyo, Hong Kong,
Singapore, Seoul, Dubai and Doha.
West Bengal Government for 100-acres and a JD
Embassy Industrial Parks (EIP) participated at the
with Patton Group for a 30-acres land space.
India Warehousing Shows held in Delhi and Pune
saw a huge footfall and a positive interest in our
On the Solar Energy front, we have commissioned
offerings. We hosted an exclusive event for our
a 30 MW plant at the Ittagi Project which generates
Partners JLL and Knight Frank during the year. Also,
6,00,000 units of power and soon we will be
we now have a local representative in Europe with
supplying green power to our office parks.
an office in Germany for business development.
We are poised to grow at a faster pace both on
With the construction of the Chakan Park in full
the land acquisition front as well as leasing at our
swing and the first block being ready, we will be
Chakan and Gurgaon Parks. There’s a lot to look
handing it over to the client within this quarter.
forward to as the year unfolds and we will strive
Kudos to the team for fantastic work and delivering
to work with the same enthusiasm to deliver best
on time.
results.
We also had a very successful event in Kolkata -
Bengal Global Business Summit which gave us
an opportunity to share the stage with respected
West Bengal CM, Ms. Mamata Banerjee and other
industry stalwarts such as Adani and Patton Group.
During this summit we also signed an MoU with the
Page 28 | Issue 15NEWS/ FEATURES
First Phase Of Embassy Industrial Park In
Chakan Ready For Business
The construction of the first block at Chakan is in its finishing stages and the block has
already been leased out with finishing works in progress. The formal handover to Mahindra
Logistics- one of the leading 3PL logistics firms in the country is scheduled for this quarter.
This is followed by the construction commencement of second block with foundation of two
more blocks nearing completion.
Chakan is strategically located near Pune and is one of the most preferred locations in India
for automotive industries.
Embassy Industrial Park in Chakan is situated
in proximity to major manufacturing facilities
of Volkswagen, Bajaj, M&M, Mercedes Benz and
Hyundai among others.
It is a significant achievement for the team of Embassy Industrial Parks and we hope to see
more such achievements.
Page 29 | Issue 15EVENTS
Embassy Industrial Parks Participates In
Bengal Global Business Summit 2018
The fourth edition of Bengal Global Business Summit insights on opportunities in the urban infrastructure
2018 (BGBS) was hosted by the Government sector, warehousing and logistics. We are proud to
of West Bengal the state’s flagship investment state that Embassy Industrial Parks stood out as
summit on 16th - 17th January 2018 at Biswa Bangla one of the most important and leading investors
Convention Centre, Kolkata. Embassy Industrial amongst the other renowned participants.
Parks participated in the summit along with the
other stalwarts in the industry. The other panelists were top players, from the
warehousing industry namely: Mr. Ramesh Nair,
CEO & Country Head - JLL India, Mr. Rahul Nair, MD
Smt. Mamata Banerjee Real Estate - Everstone Capital, Mr. Nandu Belani
addressed the invited and - Chairman, Belani Group & President, CREDAI
Bengal and Mr. Pratik Jalan - MD, Jalan Builders.
honored the dignitaries.
The summit saw a culmination of an integrated
Japan, Italy, Poland, Germany, Republic of effort from all departments of the Government of
Korea, Czech Republic, Great Britain, France and West Bengal, Chambers of Commerce and their
United Arab Emirates were partner countries international offices and the Consular Corps of
in this year’s summit with notable multinational countries.
companies including Dassault, Aramco, Dubai Multi
Commodities Center, Samsung, Pepsico, Reliance, It was an honor to be a part of this prestigious
Future Retail, Kotak Group, Spicejet Group and summit and we hope to extend our best efforts in
others. making these projects successful as well.
Anshul Singhal, CEO of Embassy Industrial Parks
was also invited as one of the key panelists to share
Page 30 | Issue 15Embassy Group Ventures Into East India
with 100-Acres MoU
After having a successful run in other parts of India, This investment aims to create nearly 0.7 million
Embassy Group is now looking to venture into the sq. ft. of logistics space and offer employment to
eastern sphere, starting with West Bengal. about 3,000 people.
West Bengal is the 4th largest state economy The demand is expected to rise and come from
in India, growing at 15.64% GVA with a strong the pharmaceutical companies, retail players,
consumer base, vibrant industry, large talent pool, e-commerce companies, FMCG and third-party
industry friendly and stable policies, transparent logistics space providers. The logistics sector is due
governance and record social and physical for a big spurt after the GST implementation and
infrastructural development. In short, it is a perfect increasing demand of manufacturing companies
ground for investment that is expected to provide and e-commerce players for quality storage space.
greater returns in the future.
This remarkable investment is one of its kind
Embassy Industrial Parks signed an MoU for 100 in Bengal and we hope it creates a ripple effect,
acres with the West Bengal Government and a JD attracting the big players in the industry. This
with Patton Group Land at Uluberia for 30 acres project will be a great developmental benchmark
land, with total development potential of 0.7 million for the state and would create numerous jobs in
sq. ft. the process, which is the need of the hour for West
Bengal.
The first park is scheduled to come up on the
National Highway near Kolkata on a 30-acre plot.
Page 31 | Issue 15Embassy Industrial Parks Hosts An
Exclusive Meet For Knight Frank
At Embassy, we believe in forging lasting relationships with our
partners and patrons. In view of this thought, Embassy Industrial
Parks hosted a Partner’s Meet event exclusively for the Knight Frank
team.
Knight Frank, the world’s largest independent property consultant
group has partnered with Embassy Industrial Parks. Since its
establishment, the company has become a trusted name and has
succeeded in being at the forefront of the real-estate industry.
Industrial Transaction team members of Knight Frank from across India
were present on the occasion including Mr. Shishir Baijal - Director,
Head - India. It was a great networking and interactive platform for
Embassy and Knight Frank guests.
Anshul Singhal - CEO, Embassy Industrial Parks, presented the
upcoming leasing plans. This was followed by a stand-up comedy
act by Gaurav Kapoor. His funny remarks lightened the mood and
everyone present enjoyed the evening. The event was concluded
with cocktails and dinner.
Page 32 | Issue 15Hospitality
EDITORIAL
Editor’s Note
The past year has been a landmark year for
Embassy’s Hospitality portfolio. We expanded our
hotel footprint with new signings and created new
niches with Bengaluru city’s first private luxury
club, new restaurants, a premium food delivery app
and our very own leisure management company.
The year 2017-18 has shown robust growth for both
Embassy and the hospitality industry.
Bengaluru’s Kempegowda International Airport
announced an all-time record of passenger traffic SARTAJ S SINGH
serving 26.91 million passengers and a 17.6% growth
President
over the previous year which has had an impact on
Hospitality Business
the occupancy rates.
A supply of 118 million sq. ft. of Grade A commercial
space makes Bengaluru one among the strongest
RFP driven hotel markets in the country.
The promise the market
holds is huge with 27 million
sq. ft. under construction Bengaluru is a city with double digit growth in
domestic corporate travellers. The hotels at our
and is one of the most business parks gain from visitors to our large
corporate occupiers and travellers from the
sought-after rental and global and domestic offices of large MNCs. The
lease markets in the convenience of their hotels being within walking
distance of the offices attract favourable response
country. especially in a city like Bengaluru which has high
traffic volumes through the day.
Page 33 | Issue 15The upscale – luxury segments in the city also
performed well, achieving the best ADR numbers same at Embassy TechVillage where the proposed
since 2011. This bodes well for Embassy’s hotel mix 300-room Hilton and the 200-room Hilton Garden
strategy. Inn will offer two different price points to the
Our hotel, Hilton Bengaluru Embassy GolfLinks corporate users.
raised the bar and outperformed the market
REVPAR (revenue per available room) growth rate The new dual-branded property’s iconic design
of 10%. Our Le Meridian Hotel also continued to at Embassy TechVillage is by Singapore-based
command its own space with growing occupancy Smallwood, Reynolds, Stewart, Stewart &
and ADRs in the CBD segment. Associates.
The focus this year will continue to remain on The property will be part of a mixed-use
maximizing performance across the hospitality development and will house a F&B and retail hub,
portfolio. over one million sq. ft. of A Grade commercial
towers and a 30,000 sq. ft. convention facility.
There are a number of portfolios and stand-alone
properties on the block for sale.
We are also thrilled that we
With the anticipation that market performance will will open the first
allow hotels to generate sufficient yield and garner
investor interest, it will be interesting to see how Four Seasons hotel in South
this plays out.
India in the third quarter of
Based on the feedback from our Park users
in Embassy Manyata Business Park, Embassy
2018.
GolfLinks Business Park and Embassy TechVillage
This much anticipated and awaited hotel has
Business Park, we identified major opportunities to
entered its final stages of completion and is well on
improve our product offerings.
its way to delivery.
Firstly, there is demand for offering hotel services
With the pre-opening team already in place, all
at two price points. Secondly, there is demand for
efforts are being made to ensure luxury hospitality
Convention & Meeting spaces. Lastly, the entrance
and service in the city like never before.
of the park is seen as the preferred location for
hotels. The hospitality sector is scaling new heights every
day and with our ambitious new projects we’re
We have incorporated this knowledge into our new set to create a new benchmark for the industry.
hotel projects with the 620 keys dual branded hotel Stay tuned for more exciting and transformative
at Embassy Manyata Business Park comprising of updates from the hospitality desk.
a Hilton Garden Inn and a Hilton Hotel which was
signed in October 2016 and replicated the model
with a 500 room dual-branded hotel featuring the
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