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Financial & legal due diligence · public record · 18 Oct 2026

Embassy Grove

Embassy Group · Kodihalli (Old Airport Road / Indiranagar) · Rustumbagh, Kodihalli, off Old Airport Road, Bengaluru 560017

Promoter entityEmbassy Property Development Private Limited
Entity type · PANCompany · AAACD6927A
Developer brandEmbassy Group
RERA registrationsSingle phase: PRM/KA/RERA/1251/446/PR/171019/000614
Planning authorityBBMP - Bruhat Bengaluru Mahanagara Palike
Sanctioned plannot filed
Escrow bankHDFC, KB Road
Land7.93 acres
Court cases declared0
Complaints at K-RERA0 on this project · 7 on the promoter
Record fetchedSep 2026
2 red flags7 to watch9 positive

Completed project (RERA PRM/KA/RERA/1251/446/PR/171019/000614); purchase would be a resale. Public records only. This report records what the Karnataka RERA file, the promoter’s quarterly filings, the complaint register, public credit ratings and company filings say. It states facts and flags them; it does not judge the investment. Prices, returns and the investment score live in the separate full report.

Financial & legal due diligence

What the public record says

Completed project (RERA PRM/KA/RERA/1251/446/PR/171019/000614); purchase would be a resale. Public records only. Compiled Sep 2026 from the Karnataka RERA file, company registers, rating agencies, tribunal records and press. Facts only; anything that deserves a written answer before signing is flagged.

2 red7 watch9 positive
Delivery timeline7/10
delivered; the registration was extended 3× before completion
Legal & complaints9/10
no litigation and no complaints on the RERA file
Money to finish8/10
finance cost is 0% of the registered budget
Developer strength2.5/10
Acuité BB+ (Embassy Property Developments); insolvency admission later set aside (−2)

Meters are rule-based from the RERA file and public ratings (rules shown under each), not opinions.

Single phase
PRM/KA/RERA/1251/446/PR/171019/000614 · Embassy Property Development Private Limited
Delivered
RegisteredSep 2011Original completionJun 2019Section 6 ext.Jun 2020Covid ext.Mar 2021Further ext.Mar 2023TodaySep 2026
Collected (at registration)₹232.38 Cr
Spent₹428.65 Cr
Balance with promoter₹0
Delay declaredYesResource scarcity
No litigation declaredNo complaintsEscrow: HDFC
Credit ratings of the people behind it
AAAAAABBBBBBCDinvestment grade ◀▶ speculative gradeAcuité BB+ · Embassy Property Developments (RERA promoter) NCDs · May 2024CRISIL AAA / Stable · Embassy Office Parks REIT (separate, Blackstone co-sponsored) · Dec 2025
Complaints & disputes on record
On this project00 open
On the promoter entity7all projects
Court cases declared0no stay recorded

Group: NCLT admitted an insolvency petition against Embassy Developments Ltd on 9 Dec 2025 (Canara Bank, ₹202 cr guarantee); NCLAT set it aside in May 2026.

At a glance
Delivered

Delivered. RERA registration ran 2011-09-22 → 2023-03-31 after 3 extensions (original 2019-06-30)

No complaints on this project

No RERA complaints on this project; 7 on the promoter overall

No litigation declared

No litigation declared in RERA filings

Promoter merged into listed Embassy Developments

Developer entity Embassy Property Developments Pvt Ltd merged into the listed Embassy Developments Ltd (formerly Equinox India / Indiabulls Real Estate) in 2025.

NCLT admission Dec 2025, set aside May 2026

NCLT admitted an insolvency petition by Canara Bank (₹202.03 cr, corporate guarantee for Sinnar Thermal Power) against Embassy Developments Ltd on 9 Dec 2025; NCLAT stayed it and set the order aside in May 2026 under IBC Section 10A.

Residential arm BB+; REIT AAA is separate

Embassy Property Developments’ debentures carried an Acuité BB+ rating (2024), below investment grade; the separately sponsored Embassy Office Parks REIT is CRISIL AAA.

Complete with OC

Project is complete with occupancy certificate reported; RERA completion Dec 2023 per the Authority’s document, ready since 2019 per listings.

19 resales worth ₹158 cr in a year

19 registered resale transactions worth ₹158 cr in the past year: the title chain and association records are the main checks for a buyer.

The record, in pictures

Insolvency episode (2025–26)

9 Dec 2025 · NCLT admits Canara Bank petition (₹202 cr)Dec 2025 · NCLAT stays the orderMar–Apr 2026 · hearingsMay 2026 · NCLAT sets admission aside (s.10A)Sep 2026 · no CIRP in force

Project record

Occupancy certificateReceived
Resales, past year19₹158 cr
Resales, past 3 months3₹23 cr
Homes1067.93 acres

RERA file · Single phase

Registered project cost ₹593 cr — where it goes
Land ₹209.1 cr · 35%Construction & on-site ₹383.7 cr · 65%
No litigation declaredBorrowing declared: not statedEscrow at HDFC

Red flags to resolve in writing

1
Developer

The developer group went through an NCLT admission (Dec 2025), later set aside; relevant to warranties, common-area conveyance and any unsold or developer-held units.

2
Money

Residential arm’s debentures were rated BB+; group risk is above the REIT’s AAA which does not extend here.

3
Money

Confirm the OC, khata, association formation and that the specific villament is free of developer-level charges.

Questions to put to the developer before you sign

  1. Provide the OC, BBMP khata and full sale-deed chain for the unit.
  2. Has the owners’ association taken over maintenance and been conveyed the common areas?
  3. Are any units in Embassy Grove still developer-owned and mortgaged?
  4. Any pending claims by the association against the developer for defects or dues?
Full record: every filed number, line by line5 sections · 23 items

Who built it and who stands behind it now

Original promoter
Embassy Property Developments Pvt Ltd (EPDPL); launch 22 Sep 2011
Today
EPDPL’s business merged into Embassy Developments Ltd (NSE: EMBDL), listed; formerly Equinox India Developments / Indiabulls Real Estate
Group
Embassy Group (Jitu Virwani); Embassy Office Parks REIT is co-sponsored with Blackstone and rated CRISIL AAA (Dec 2025), but is a separate, ring-fenced entity

Insolvency episode (2025–26)

Petition
Canara Bank, as lender to Sinnar Thermal Power Ltd, invoked a corporate guarantee; claim ₹202.03 cr
NCLT
Admitted CIRP against Embassy Developments Ltd on 9 Dec 2025
NCLAT
Stayed the order in Dec 2025; hearings Mar–Apr 2026; set aside the admission in May 2026 holding the default fell within the Section 10A (Covid-period) bar
Status
No CIRP in force as at Sep 2026; the underlying guarantee dispute may continue in other forums

Ratings

Acuité — Embassy Property Developments NCDs
BB+ (2024 rationale); sub-investment grade
CRISIL — Embassy Office Parks REIT
AAA/Stable (17 Dec 2025) on ₹11,050 cr NCDs; separate entity
CRISIL — Embassy Construction Pvt Ltd
AAA/Stable (17 Feb 2025); REIT-owned; separate entity

Project record

RERA
Registered Oct 2017; completion recorded Dec 2023; occupancy certificate reported received
Scale
106 villaments on 7.93 acres; ready and occupied
Resale activity
19 registered transactions ≈ ₹158 cr in the past year; 3 ≈ ₹23 cr in the past three months (portal, Jun 2026)
Litigation
None located for the project; not verified against court or RERA registers

RERA file · Single phase

Registration
PRM/KA/RERA/1251/446/PR/171019/000614 · promoter Embassy Property Development Private Limited (Company) · EX/PRM/KA/RERA/1251/446/PR/191130/000614
Dates
Start 2011-09-22 · original completion 2019-06-30 · 3 extensions: Covid Extension → 2021-03-30, Section 6 Extension → 2020-06-30, Further Extension → 2023-03-31
Status
Completed and occupied (per project status); RERA progress fields below are historical
Registered cost
Total ₹593 cr · land ₹209 cr · construction ₹384 cr
RERA bank account
HDFC, KB Road (70% construction account)
Money at registration
collected ₹232 cr · used ₹429 cr · balance ₹0.00 cr · delay declared: Yes (Resource scarcity)
Land & towers
7.92 acres (32,071 sq m) · Phase I 66 homes, 4 floors; Phase II 40 homes, 4 floors
Litigation declared
None declared in filings
K-RERA complaints
0 on this registration (0 open) · 7 on the promoter entity across all its projects

Source: Karnataka RERA project record PRM/KA/RERA/1251/446/PR/171019/000614, fetched 2026-09-15. Figures are the promoter’s own filings.

Sources & caveats3 sources
  • Business Standard and legal press on NCLT admission (11 Dec 2025) and NCLAT order (May 2026)
  • Acuité rating document for Embassy Property Developments (May 2024); CRISIL rationales for Embassy Office Parks REIT (Dec 2025) and Embassy Construction (Feb 2025)
  • Listing portals for RERA number, completion/OC and resale transactions
  • Karnataka RERA project records PRM/KA/RERA/1251/446/PR/171019/000614 (registration file, quarterly updates, complaint register), fetched Sep 2026.

Caveats. Court outcomes summarised from press reports, not the orders themselves. Rating on EPDPL debentures is from 2024 and may have changed after the merger. Nothing here is legal, tax or investment advice.

PropertyLens · property-lens.ai · Facts are transcribed from public records as filed by the promoter and the regulator; figures on RERA certificates are promoter numbers certified on unaudited books. Absence of a court case or insolvency filing in these sources is not proof that none exists. Verify title, approvals and encumbrances with a lawyer before you sign. Nothing here is legal, tax or investment advice.
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