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Brigade Enterprises inks deal for Bengaluru housing project valued at ₹660 crore
Brigade Group's Bengaluru housing project is expected to be spread across 4.6 acres and its total development potential will be around 0.69 mn sq ft
Brigade Group has inked an agreement for a land parcel located in Bengaluru with a gross development value (GDV) of ₹660 crore, the company said in a regulatory filing.
“We would like to inform you that the Company has signed a definitive agreement for a prime land parcel located on Old Madras Road, Bengaluru. Spread across 4.6 acres, the total development potential of the residential project will be around 0.69 mn sq ft with a Gross Development Value of ₹660 crore,” the company said in a regulatory filing on May 9.
Old Madras Road is a fast-growing residential hub with improved infrastructure, great connectivity and new development plans for the location.
“We are actively pursuing land acquisition opportunities in our target markets and continue to add high quality assets to our land bank. This project is strategically located and contributes to our overall residential growth strategy. We will develop a residential property that will be executed keeping in mind customer preferences for quality and sustainability,” said Pavitra Shankar, Managing Director, Brigade Enterprises Limited.
Also Read: Bengaluru ranks 8th and Mumbai 9th in annual housing price growth index across Asia Pacific region
Brigade Group has a healthy pipeline of new launches of around 12.61 mn sq ft in the residential segment across Bengaluru, Chennai and Hyderabad. Established in 1986, Brigade Enterprises Ltd, has developed many projects across Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru.
Shares of Brigade Enterprises Ltd ended at ₹1,061.60, down by ₹48.90, or 4.40%, on the BSE on May 9.
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