Brigade Enterprises rallied 4.98% to Rs 462.55 after the company announced that the Brigade group has signed a joint development agreement (JDA) to develop around 2.1 million square feet of residential apartments in Chennai.
The land, located at Perumbakkam, just off OMR Sholinganallur junction, is spread over 15 acres and will be developed as a large residential township. Perumbakkam is one of the fast-emerging residential hubs in Chennai, witnessing increasing infrastructure development recently.
Pavitra Shankar, executive director and head of residential business of Brigade Enterprises, said, South India will continue to be a key focus for us, and this project is part of our strategy to expand our presence in Chennai. The project will have a revenue realisation of over Rs 1500 crore in about 5 years. We expect a positive response from customers, especially from the IT and ITeS sectors as it is located in the heart of the IT Office belt.
Brigade Group is targeting a revenue of about Rs 6,000 crore over the next 5 years from its Chennai residential business, alone. Further, as part of its consolidation plans in Chennai, the Group is expanding its presence in the residential, commercial and retail verticals.
Brigade Enterprises is Brigade group's flagship company. Brigade group was established in 1986, with property development as its main focus. On a consolidated basis, Brigade Enterprises' net profit tumbled 17.9% to Rs 32.47 crore on a 19.1% rise in revenue to Rs 942.31 crore in Q4 FY22 over Q4 FY21.
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