Embassy REIT constructs -; launches key flyover at Embassy Manyata Business Park, Bengaluru

16 Feb 2022 , 09:24 AM

Embassy Office Parks REIT stocks in focus on Wednesday after it has announced the opening of a 3-lane flyover at Embassy Manyata Business Park (‘Embassy Manyata’) in Bengaluru.

Constructed and funded by Embassy REIT at a cost of Rs183 crore, the project is a part of infrastructure initiatives in and around the park for which Embassy REIT has invested over Rs400 crore over the past 5 years.

The flyover supports the local community and strengthens the total business ecosystem for the occupiers of Embassy Manyata, one of India’s largest business parks with an operational area of around 12 million square feet. Spread over 121 acres, Embassy Manyata caters to over 100,000 employees from 42 top-notch corporates; and continues to be a major economic centre of Bengaluru contributing over Rs130 crore in various taxes annually.

The flyover dovetails with and adds to the various under-development and upcoming infrastructure initiatives in the park, including South India’s largest hotel and conference centre slated to open in May 2022.

This 1 km flyover is located on Outer Ring Road in Bengaluru from Veeranna Palaya towards Hebbal. It is expected to reduce traffic moving towards Hebbal and KR Puram and also ease the commute to reach the Bengaluru International Airport.

This significant public infrastructure upgrade is expected to decongest traffic on the stretch by up to 70%, curtail travel time by 15 minutes for over 2 lakh daily commuters and reduce pollution substantially in the area.

The project was delivered in record time; and its aesthetics and design reflect the ethos of Bengaluru and its progressive people, and the combined efforts of government and other stakeholders on energy conservation, water stewardship and environmental protection.

The flyover was inaugurated today in the presence of Shri. Basavaraj Bommai, Honourable Chief Minister of Karnataka, Jitu Virwani, Chairman & Managing Director of Embassy Group, Aditya Virwani, COO of Embassy Group and Michael Holland, Chief Executive Officer of Embassy REIT.

Jitu Virwani, Chairman of Embassy REIT and Chairman & Managing Director of Embassy Group, said, “We are delighted to launch the flyover at Embassy Manyata which is a perfect example of Embassy REIT’s infrastructure and amenity upgrade investments to enhance the total-business-ecosystem offering that our parks provide, creating an unmatched value proposition for our global occupiers. Embassy REIT, with the support of government authorities, is delivering further such Public Private Partnership (‘PPP’) initiatives, like the upcoming metro station at Outer Ring Road near Embassy TechVillage, to enhance city infrastructure for the benefit of our occupiers and surrounding communities.”

At around 9:23 AM, Embassy Office Parks REIT was trading at Rs382.60 apiece up by Rs1.5 or 0.39% on the BSE.