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.

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 Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Infrastructure Energy

06 Apr 2026

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

Real Estate

06 Apr 2026

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..