Jitendra Virwani started out in his father Mohan Virwani’s construction business as a teenager. He went on to start his own development dynasty in 1993 with borrowed capital of $50,000 from friends. The company was renamed as Embassy Property Developments.
The embassy brand is a well known brand in the real estate world. The brand is known in business parks and housing industry.
He has a bachelors degree from Bengaluru University. Jitendra Virwani is the CEO and Managing Director of Embassy Property development. The Co. is a privately held real estate developer based in Bengaluru and commenced operations in 1993 under Jitendra Virwani.
Jitendra Virwani’s Embassy group is into real estate development like commercial, residential, hospitality, industrial warehouse spaces, services, retail and education. The co. has also developed projects in different cities like Chennai, Hyderabad, Coimbatore and Pune.
The Co. has developed projects in 2 countries abroad i.e. Malaysia and a business park in Serbia.
Jitendra Virwani has been ranked the 2nd richest in the list with a net worth of Rs.23160 crore. Mangal Prabhat Lodha of Lodha group tops the list with Rs.27150 crore.
Virwani’s achievement in real estate:
- Embassy property development under Virwani is Bengaluru’s biggest developer of office parks.
- Embassy Property Development, together with private equity firm Blackstone, will soon be listing India’s first-ever REIT
- Embassy has a roster of multinational tenants such as Google, IBM and Warburg Pincus.
- Son Karan, who works with him, is overseeing a joint venture in shared office spaces with WeWork.
Unlike some developers who consider only end-profits, Virwani is more focused on cash flows. He is not afraid to walk away from deals that would involve too much leverage.
Jitendra Virwani’s philanthropy:
Funds a State-run school for poor kids, now renamed as Stonehill Government Primary School
He is passionate about horses. Virwani owns a riding school in Bengaluru.
Owns the elite Stonehill International School, in the suburbs of Bangalore
The Way Forward:
Virwani has a substantial commercial real estate portfolio which brings in steady rentals. Jitendra Virwani’s Embassy Manyata Business Park stands tall as one of Bangalore’s premier office parks. Spread over 62 acres, it has 9 million square feet of office space and marquee tenants like IBM, Microsoft, Target and Cognizant.
Embassy’s office park business now covers over 14 million square feet generating approximately Rs 696 crore in rentals per year.