New Delhi: Embassy Group expects over 20 per cent revenue growth this fiscal from its property and facilities management business at Rs 915 crore on rising demand for such specialised services from corporate clients.
Embassy Services, which is Bengaluru-based Embassy Group's property management division, posted around Rs 750 crore revenue during last fiscal.
It currently manages over 50 million sq ft of commercial, residential and industrial space across various cities.
"2018 has been a great year for us. Since the beginning of the year, we have expanded our services, both in terms of area as well as the industries we cater to. From business parks to co-working spaces, from industrial parks to residential projects, our presence is mapped over 50 million sq ft across 11 plus cities," Embassy Services CEO Pradeep Nenumal Lala told PTI.
Under the property and facility management, the company offers various services like engineering, security and traffic management, landscaping, technology and automation and community initiatives.
Lala said the company manages properties developed by Embassy Group, the country's leading developer of commercial real estate especially IT parks, as well as of other corporate clients.
Embassy Services employs around 300 people directly and 6,000 indirectly to manage its portfolio.
Apart from the parent company, its clients include Flipkart and HCL. It recently added HCL for integrated facility management where it will manage the latter's 28 facilities across the country.
Embassy Services competes with international property consultants like JLL and CBRE as well as local players in this business, which is growing at a rapid pace in line with the demand for rent-yielding grade-A commercial assets.
Embassy Group has developed over 45 million sq ft of prime residential and commercial projects.
The company, in joint venture with global investment firm Blackstone, has developed business parks covering about 34 million sq ft of office space.
Embassy-Blackstone plans to launch the country's first Real Estate Investment Trust (REIT) to raise over Rs 5,000 crore. They have already filed draft prospectus with market regulator SEBI.
The group is also into hospitality, industrial parks and co-working space.