Brigade Enterprises up 5% after signing Bengaluru residential project deal

Brigade Enterprises in focus: Shares of Brigade Enterprises rallied as much as 4.60 per cent to hit an intraday high of Rs 1,430 per share on Thursday. 

The uptick in the stock price came after the real estate player announced that it has signed a joint development agreement for a 1.2 million sq ft residential project in Bengaluru with a Gross Development Value (GDV) of Rs 1,100 crore.

In an exchange filing, Brigade Enterprises said, “We would like to inform you that the Company has signed a Joint Development Agreement for a residential project spread across 8 acres with a total development potential of around 1.2 million square feet. The Gross Development Value of the project is around Rs 1,100 crore.”

 

Covering 8 acres, this project will span approximately 1.2 million square feet of development. It predominantly comprises two and three-bedroom apartments designed to maximise open spaces with extensive green landscapes and modern amenities, Brigade Enterprises said. 

Strategically situated, the area boasts prominent shopping centres, entertainment hubs, and established office spaces, creating a vibrant living environment. Its location ensures convenient access to the city centre, enhancing the overall lifestyle for residents.

“Bengaluru’s residential real estate market is experiencing tremendous growth and we are excited to be part of this growth momentum. This project will be a significant landmark in this micro market of Tumkur Road and is in addition to our planned pipeline of over 12 million square feet of residential developments planned across Bengaluru, Chennai and Hyderabad in the coming year. It aligns with our strategic vision to expand our presence in key growth corridors of Bangalore and our commitment to provide unparalleled living experience to our home buyers. West Bangalore is increasingly being favoured for residential developments owing to its excellent connectivity and existing infrastructure,” said Pradyumna Krishnakumar, executive director of Brigade Enterprises Limited.

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 9:52 AM, shares of Brigade Enterprises were trading 3.08 per cent higher at Rs 1,409.15 per share. In comparison, BSE Sensex was trading at record levels, up 0.48 per cent at 80,369.85 levels.