Brigade Enterprises stock gains 2% after unit launches residential tower

Brigade Ent stock rises: Shares of Brigade Enterprises soared as much as 2.15 per cent to hit an intraday high of Rs 1,330.40 per share on Friday.

The uptick in share price came after the company announced that its arm has launched a new residential project, Cobalt. 

In an exchange filing, Brigade Enterprise said, “We would like to inform you that Brigade Tetrarch Private Limited, our wholly owned subsidiary, has launched “Cobalt at Brigade EI Dorado”, a residential tower at its 50-acre township Brigade EI Dorado located in KIADB Aerospace Park.”

Cobalt, located within Brigade El Dorado's extensive 50-acre township in KIADB Aerospace Park, forms part of a sprawling project spanning 6.1 million square feet. The development encompasses residential units, shopping areas, wellness centres, and entertainment facilities.

"In the recent past, there has been a surge in the number of multinational companies that have chosen to set up shop in North Bengaluru, creating a demand for skilled talent. This in turn has fuelled the growth and demand for high quality, sustainable real estate in the region. Potential home buyers in the region are primarily millennials, who aren’t just looking for houses, but rather accommodations that mirror their accomplishments and match their aspirations. Cobalt at Brigade El Dorado fits perfectly into that demand, with its innovative design, commitment to sustainability, and a host of amenities; promising a living experience that impeccably blends the comforts of contemporary living with the tranquillity of nature," said Amar Mysore, executive director, Brigade Enterprises.

With 948 one-bedroom apartments, the project anticipates generating revenue exceeding Rs 400 crore, the company said. 

The project is scheduled for completion by the second quarter of financial year 2029 (Q2FY29). 

“The development is situated just 15 minutes away from Kempegowda International Airport and many other commercial establishments, IT Parks, and the upcoming airport metro in its vicinity. Clean wide roads, scenic greenery and impeccable infrastructure are characteristic to the region.Cobalt is integrated into the comprehensive Brigade El Dorado community, offering residents access to more than 80 amenities such as hospitals, a central park, a multiplex, sports facilities, and retail outlets,” Brigade Enterprises said. 

The Brigade Group is among India’s leading property developers with over three decades of expertise in building positive experiences for all stakeholders. 

Set up in 1986, the company has developed many landmark buildings and transformed the skyline of cities across South India, namely – Bengaluru, Mysuru, Hyderabad, Chennai and Kochi with developments across the Residential, Commercial, Retail, Hospitality and Education sectors. 

Since inception, Brigade has completed over 275 buildings amounting to over 80 million sq. ft of developed space across a diverse real estate portfolio. 

At 12:12 PM, shares of Brigade Enterprises were trading 0.28 per cent higher at Rs 1,306 per share. In comparison, BSE Sensex was trading 0.84 per cent at 80,568.70 levels.