Brigade Ent inks pact for Rs 660 cr residential project in Bengaluru

Brigade Enterprises said that it has signed definitive agreement for prime land parcel spread across 4.6 acres, located on Old Madras Road, Bengaluru.

The total development potential of the residential project will be around 0.69 Million Square feet (Sq.ft) with a gross development value (GDV) of Rs 660 crore.

The new project will be designed in line with the companys commitment to deliver high quality, sustainable spaces in Bengalurus evolving urban landscape. Furthermore, Old Madras Road is a fast-growing residential hub with improved infrastructure, great connectivity and new development plans for the location.

Pavitra Shankar, managing director, Brigade Enterprises , said, 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.

Brigade Enterprises is one of Indias leading property developers. The company has developed properties in cities like Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru with developments across residential, office, retail and hotels.

The company reported 31% rise in consolidated net profit to Rs 55.8 crore on a 41% increase in revenue to Rs 1,208.2 crore in Q3 FY24 as compared with Q3 FY23.

The scrip fell 5.28% to end at Rs 1,051.90 on Thursday, 9 May 2024.

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