Embassy REIT Ups Office Space Leasing Guidance

28 Oct 2023 CW Team

Aravind Maiya, CEO of Embassy REIT, stated, "We have already successfully leased 3.1 msf, and the full-year outlook is promising, supported by a robust leasing pipeline of 2.5 msf. We are also delighted to strengthen our longstanding partnership with one of our major clients at Embassy GolfLinks. This, combined with the strong leasing momentum, has led to the revised leasing guidance of 6.5 msf for FY2024, up from the earlier 6 msf target."

Embassy REIT has observed a notable trend of expanding demand, particularly from Global Captive Centres (GCCs) representing 70% of the total demand.

In the second quarter of FY24, Embassy REIT achieved a net operating income (NOI) of Rs 7.19 billion, a 2% increase compared to the same period in the previous year. Additionally, the revenue for the same quarter reached Rs 8.89 billion, marking a 4% growth compared to the previous year.

The REIT currently maintains over 90% occupancy levels across 50% of its properties, with Embassy 247 in Mumbai reaching full occupancy at 100%. The average occupancy across their properties stands at 85%.

Aravind Maiya also mentioned their recent achievement of delivering one million square feet of a new office tower in Bengaluru, contributing to their total development portfolio of 7.1 msf, of which 90% is located in Bengaluru, and it's anticipated to yield around a 20% return on cost spends.

Notably, Embassy REIT secured participation from pension funds in their new NCD issuance, amounting to Rs 10 billion, and they achieved the industry's lowest average cost of debt at 7.4%. The board of directors of Embassy Office Parks Management Services, the manager of Embassy REIT, declared a distribution of Rs 5.24 billion or Rs 5.53 per unit for Q2 FY2024. The record date for this distribution is November 3, 2023, with the distribution to be paid on or before November 10, 2023.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Embassy Office Parks REIT, Asia's largest office REIT by area and India's first listed REIT, has raised its leasing guidance to 6.5 million square feet (msf) of office space for FY24. This optimistic outlook comes despite ongoing global financial turmoil and corporations reevaluating their real estate portfolios. Aravind Maiya, CEO of Embassy REIT, stated, We have already successfully leased 3.1 msf, and the full-year outlook is promising, supported by a robust leasing pipeline of 2.5 msf. We are also delighted to strengthen our longstanding partnership with one of our major clients at Embassy GolfLinks. This, combined with the strong leasing momentum, has led to the revised leasing guidance of 6.5 msf for FY2024, up from the earlier 6 msf target. Embassy REIT has observed a notable trend of expanding demand, particularly from Global Captive Centres (GCCs) representing 70% of the total demand. In the second quarter of FY24, Embassy REIT achieved a net operating income (NOI) of Rs 7.19 billion, a 2% increase compared to the same period in the previous year. Additionally, the revenue for the same quarter reached Rs 8.89 billion, marking a 4% growth compared to the previous year. The REIT currently maintains over 90% occupancy levels across 50% of its properties, with Embassy 247 in Mumbai reaching full occupancy at 100%. The average occupancy across their properties stands at 85%. Aravind Maiya also mentioned their recent achievement of delivering one million square feet of a new office tower in Bengaluru, contributing to their total development portfolio of 7.1 msf, of which 90% is located in Bengaluru, and it's anticipated to yield around a 20% return on cost spends. Notably, Embassy REIT secured participation from pension funds in their new NCD issuance, amounting to Rs 10 billion, and they achieved the industry's lowest average cost of debt at 7.4%. The board of directors of Embassy Office Parks Management Services, the manager of Embassy REIT, declared a distribution of Rs 5.24 billion or Rs 5.53 per unit for Q2 FY2024. The record date for this distribution is November 3, 2023, with the distribution to be paid on or before November 10, 2023.

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Infrastructure Urban

01 Jun 2026

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

Infrastructure Urban

01 Jun 2026

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..