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Brigade wins bid for joint development of Yuken's 6 acre land

Press Trust of India  |  New Delhi 

Realty firm has emerged as the successful bidder for the joint development of over 6 acre land parcel owned by at Whitefield,

The joint development agreement would be executed shortly, the company said in a filing to the


Bengaluru-based said, "The company is the successful bidder for the Joint Development of the property owned by Ltd measuring 6 acres 14.982 guntas (25797 sq mts) at Whitefield "

Separately, said that the company's board has approved the proposal of joint development of its property with the

Yuken manufactures oil hydraulic equipment.

"The company intends to enter into a joint development with revenue sharing arrangement with Ltd. The company is expected to realise maximum consideration at the prevailing market rate. The project is expected to be completed in 3-4 years from commencement after plan sanction," said.

will get 41.20 per cent of the total revenue. The land would be handed over to the Brigade in two phases -- the first being about 2 acres.

Giving rationale about entering in joint development agreement, said the company was operating in a non-industrial location, surrounded by IT firms, commercial and residential buildings. The company also wanted better usage of prime land.

Last year, entered into a joint venture with Singapore's sovereign wealth fund GIC to invest up to Rs 1,500 crore for developing housing and mixed-use projects in South

Brigade's share price fell by 3 per cent to Rs 156.10 apiece on the BSE, while Ltd's share price surged by 20 per cent to Rs 312 apiece.

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