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Press Release

Embassy Group announces ground-breaking for IT & Bussiness Park in Serbia

Maiden venture for Embassy in Europe

Bangalore April 19th, 2012: Embassy Group announces the groundbreaking of its IT & Business Park in Serbia – Embassy’s maiden venture in Europe.  The Embassy TechZones IT & Business Park is set in the municipality of Indjija near Belgrade - one of the top investment destinations in Serbia.

This multi-phase development is being built for LEED® Green Building Gold Certification.  The first phase is scheduled for completion in Q2 2013. In stages this would include the development of single and multi-tenant, state-of-the-art offices across 25,000 m² (270,000 sq ft) spanning four office buildings.  Based on future demand and the business environment, it is envisaged that in the next five years this park could be expanded to offer 250,000 m² (2.7 million sq ft)  of office space.

Speaking on the occasion of the groundbreaking, Jitu Virwani, Chairman & Managing Director, Embassy Group stated, “It gives us immense pleasure to announce the ground-breaking for the Embassy TechZones IT & Business Park in Indjija. This is a step forward in our firm commitment to Serbian industry and to our global clients.  Based on our vast experience in India we are confident that this first-of-its-kind business park in Serbia will provide an environment where large international businesses can set up specialized centers of knowledge creation – for the mutual benefit of industry and local talent.”

The IT & Business Park at Indjija has been conceptualized as a business support and technology transfer initiative that will encourage and support the start-up and incubation of innovation-led, high-growth, knowledge-based businesses.  It is designed with detailed master planning, strict covenants pertaining to building design, construction materials and green space requirements. This enables low density offices, state-of-the-art infrastructure and benefits like uninterruptible telecommunication lines, on-site data hosting and business continuity with disaster recovery management solutions.

Other benefits include shared transportation services with excellent interstate/highway access and lowered costs. As this land is dislocated from the city center, it lowers development costs and offers significant cost savings compared to other city-centered commercial areas.

About Embassy Group
Embassy Group is one of the leading property developers in India with a track record of over 27 years in real estate development.  Embassy has an extensive land bank across the country and has developed close to 30 million sft (2.8 million m²) of prime commercial, residential and retail space in India along with international operations in Malaysia and Serbia. Embassy’s portfolio of real estate developments spans the commercial, residential, 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 LEED ratings as part of the efforts towards creating sustainable developments.