 "Brigade to develop 2 mn sq. ft. of residential housing space in Bengaluru")
Real estate developer Brigade Enterprises plans to develop 2 million sq. ft. of residential housing spread over 14 acres in Yelahanka, Bengaluru, at a gross development value estimated at Rs 2,100 crore. The company said it has signed a joint development agreement (JDA) with Krishna Priya Estates and Micro Labs for the work.
Post the announcement, Brigade’s shares gained about 5 per cent to touch a 52-week high of Rs 762.70 on the BSE.
"We anticipate the project to yield a revenue realisation of Rs 2,100 crore on completion. This project will be designed and executed keeping in mind customer preferences for quality and sustainability," said Pavitra Shankar, managing director of Brigade Enterprises, in a statement.
Bengaluru-based Brigade has completed over 80 million square feet of landmark buildings and transformed skylines in several Indian cities, including Kochi, GIFT City-Gujarat, and Thiruvananthapuram, with projects in residential, office, retail, and hospitality.
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Brigade Enterprises is also making efforts to push its sustainability agenda. Certified by LEED (Leadership in Energy and Environmental Design) and the IGBC (Indian Green Building Council), Brigade has over 6 million square feet of certified built-up green area.
“While sustainable development goes hand in hand with our core values of being socially responsible — it also helps in the business aspect of creating superior products that are easier to sell or lease. After the emergence of Covid, a lot more importance is being given to wellness from an employee or customer standpoint,” said Nirupa Shankar, joint managing director of Brigade Group.
The company said it has a strong pipeline over the next year, of around 13 million square feet in Bengaluru, Hyderabad, and Chennai, of which 11 million square feet is in residential projects.
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Brigade posted a 117 per cent increase in net profit to Rs 112.50 crore for the second quarter ended September, on the back of strong new bookings of 1.67 million square feet valued at Rs 1,249 crores, up 23 per cent from the previous year.