In a strategic collaboration, real estate firm Brigade Enterprises has joined forces with Krishna Priya Estates and Micro Labs to embark on a monumental housing venture in Bengaluru. The sprawling 14 acre expanse situated in Yelahanka, North Bengaluru, is set to be transformed into a colossal residential project, encompassing around 2 million sqft, with an impressive Gross Development Value (GDV) estimated at Rs 2,100 crore.
Brigade Enterprises Ltd formally inked a Joint Development Agreement (JDA) with Krishna Priya Estates and Micro Labs, marking a pivotal step towards the realization of this ambitious undertaking, as announced in a regulatory filing. The company, led by Managing Director Pavitra Shankar, expressed confidence in delivering a distinguished residential development befitting its prime location. The anticipated revenue realization upon project completion is projected to reach a substantial Rs 2,100 crore.
This move aligns with Brigade Enterprises’ proactive approach to expanding its footprint, having recently acquired a substantial 9.71 acre land parcel in Hyderabad for Rs 660 crore. In a similar vein, the company added a 6.54 acre plot in Chennai from Pfizer Healthcare India for nearly Rs 139 crore in August. These strategic acquisitions underscore the company’s commitment to meeting the surging demand for residential properties.
Bolstering its financial standing, Brigade Enterprises reported a noteworthy 72 per cent surge in consolidated net profit, reaching Rs 133.50 crore for the second quarter of the current fiscal year. The company’s total income also experienced a substantial uptick, climbing to Rs 1,407.92 crore during the July-September period. Sales bookings for the same quarter stood at an impressive 1.67 million sqft, valued at Rs 1,249 crore.
Undoubtedly, the residential segment has been a key driver of Brigade Enterprises’ success, showcasing robust growth with strong absorption rates in key markets, heightened end-user interest, and a positive response to new launches. With an optimistic outlook, Brigade Group is gearing up to unveil approximately 13 million sqft across Bengaluru, Hyderabad, and Chennai in the coming year, with a predominant focus on residential projects. The company’s commitment to sustained momentum and growth remains unwavering, fueled by a dynamic pipeline of launches and an enduring legacy in the real estate sector since its establishment in 1986.