Chennai, India – June 28th, 2016: Embassy Group, India’s leading property developer, has received approval from the Board of Approval to act as exclusive Co-Developer for the Notified SEZ at Chennai previously known as SNP Infrastructure Private Limited.
The project, a 30 acre SEZ property near Vel’s university on Thoraipakkam-Pallavaram radial road in Chennai will be known as Embassy Splendid TechZone.
The Bhoomi Pooja held on 15th June was attended by Embassy group and SNP Infra team members. Phase 1 of this project will be 2 million sq. ft. is expected to be completed in 2019.
Talking on the MoU, Jitu Virwani, Chairman and Managing Director, Embassy Group, said, “We are excited to move ahead with this new partnership and add it to our existing multi SEZ portfolio. With this, we plan to strengthen our foothold in Chennai, a city with tremendous growth potential and a key market for our business. We share great synergy with SNP Infrastructure and look forward to having a longstanding relationship with them.”
Speaking on the occasion, Mike Holland, CEO Embassy Office Parks said, “Embassy Splendid Tech Zone, Chennai is strategically located less than 4 km from the Chennai airport, easily accessible from both OMR and GST roads, and served by Pallavaram & Velacherry railway station with strong local and residential neighbourhoods which can cater to, and benefit from, the planned IT SEZ. The location is elevated which gives natural protection from flooding and support to business community needs. Corporate occupiers could not wish for a more strategic location. We are already seeing strong demand from both residential and commercial users in this location”
Mr PR Gopal Raju, Chairman, SNP Infrastructure said, “We are happy to partner with Embassy Group for this venture and we look forward to recommencing construction of our first 2 m sq. ft. of SEZ offices at the earliest.”
Recently two of the existing Embassy SEZ’s in Bangalore were acknowledged as “Best Performing SEZs in India”. Embassy Manyata Business Park promoted by M/s. Manyata Promoters Private Limited and Embassy TechVillage promoted by M/s. Vikas Telecom Private Limited have been awarded with Certificate of Excellence by the Ministry of Commerce and Industry. Embassy Manyata Business Park and Embassy TechVillage were both notified as Special Economic Zones in 2006 and both have lived up to the objectives of the SEZ regime, which is to promote infrastructural development, generate employment, promote exports. These awards further acknowledge the market leading performance of the Embassy SEZ’s.
As at March 2016, Embassy has developed three SEZ’s with total investments of around Rs4700 Cr, with built up areas of 9.8 m sq. ft., generating 172,000 direct jobs, within 84 SEZ Units, and exports of approximately Rs. 67,000 Cr.
About Embassy Group
Embassy Group is one of the leading property developers in India with a track record of over three decades in real estate development. Embassy has an extensive land bank across the country and has developed over 37 million sq. ft. of prime commercial, residential and retail space in India as well as Malaysia and Serbia. Embassy’s portfolio of real estate developments spans the commercial, residential, industrial, retail and hospitality segments of the real estate industry. While the commercial real estate business includes the development of business parks for the IT/ITeS sector, SEZs and corporate office space. Embassy’s ongoing residential projects include luxury apartments, villas and integrated townships. Embassy’s residential projects are also designed to obtain IGBC Green Homes gold ratings as part of the efforts towards creating sustainable developments. More information at www.embassyindia.com