Embassy: Rs 560 Cr Revenue from Housing Projects

New Delhi, Aug 18 (PTI) Realty firm Embassy Developments Ltd expects to earn Rs 560 crore revenue for managing development and marketing activities of two upcoming housing projects in Mumbai and Bengaluru.

In a latest investors presentation for April-June quarter, the company informed that it has "signed 2 prime projects on DM (development management) fee model with promoter group at around Rs 560 crore".

The DM fee is 10 per cent of the total estimated revenue of Rs 5,600 crore for these two projects.

The projects are located at Juhu in Mumbai Metropolitan Region (MMR) and Hebbal, Bengaluru.

Recently, the company has posted a consolidated net loss of Rs 165.84 crore in the first quarter of this fiscal.

The company had posted a net profit of Rs 122.49 crore in the year-ago period.

Total income, however, rose to Rs 694.05 crore in April-June period of this fiscal from Rs 557.52 crore in the corresponding period of the preceding year.

Embassy Developments Ltd is the flagship company of Bengaluru-based Embassy Group. The Group is also promoter of WeWork India and sponsor of Embassy Office Parks REIT.