"We are presently monitoring the market situation and land prices, which has increased over the last few years. In the wake of this, we are to follow a cautious but optimistic approach to increasing the land bank," M R Jaishankar, chairman and managing director, Brigade Enterprises told Business Standard.

Declining to share the land prices, Jaishankar said, "We intend to develop a range of properties in the cities. We have land bank presently with diversified business model (integrated developments)."

During the beginning of this year, the company's land reserves were 395.05 acres spread across seven cities in south India — Bangalore, Mysore, Hyderabad, Chennai, Kottayam (in Kerala), Mangalore and Chikmagalur.

The company in 2007 had made payments of Rs 477.65 crore towards the land reserves and additional payment of Rs 227.96 crore was made to take possession of the land in 2008. The money to buy the land was raised through an initial public offer (IPO) in December 2007.

Presently, Brigade Enterprises is developing two integrated lifestyle enclaves ‘Brigade Gateway' in Malleswaram and ‘Brigade

Metropolis' at Whitefield both in Bangalore.

Also 12 residential and two hospitality projects, totalling 12.53 million square feet of saleable area and about 13.84 million square feet of developable area is underway.

"While focussing on integrated developments, the company has adopted a diverse mix of projects, including standalone residential development, commercial projects, Special Economic Zones (SEZs) and increasing presence in hospitality," said Jaishankar.

The company recently entered into an agreement with Starwood Hotels for management of the Sheraton brand of hotels in Bangalore and Mysore. For serviced residences, Brigade Hospitality, a subsidiary of the company, entered into an agreement with AAPC Hotels Management Pte, a member of the Accor Asia Pacific Group, for management of Mercure Homestead Residences at Koramangala, Bangalore.

The company has also signed an agreement with InterContinental Hotels, for management of proposed Holiday Inn Hotel at Devanahalli.

"We believe that Bangalore and other south Indian markets are vibrant and provide a conducive environment for hospitality projects including serviced residences," he added.