Real estate firm Brigade Enterprises has entered into a joint venture with Krishna Priya Estates and Micro Labs to develop a housing project in Bengaluru with an estimated sales value of Rs 2,100 crore. The 14-acre land parcel, located in Yelahanka, North Bengaluru, will witness the development of around 2 million sq ft of residential space.
Brigade Enterprises Ltd, in a regulatory filing, announced the signing of a Joint Development Agreement (JDA) for the project. The company aims to create an exceptional residential development in the prime location, with a revenue realization of Rs 2,100 crore upon completion, as stated by Brigade Enterprises Ltd Managing Director Pavitra Shankar.
The move is part of Brigade’s strategy to expand its business by acquiring land outright and through JDAs in response to the robust demand for residential properties. Last month, the company acquired a 9.71-acre land parcel in Hyderabad for Rs 660 crore, and in August, it secured a 6.54-acre land parcel in Chennai from Pfizer Healthcare India for nearly Rs 139 crore for a residential project.
In the second quarter of the current fiscal year, Brigade Enterprises reported a 72% increase in consolidated net profit to Rs 133.50 crore, compared to Rs 77.58 crore in the same period the previous year. The total income for the July-September period rose to Rs 1,407.92 crore from Rs 912.19 crore in the corresponding period of the previous year.
The company’s sales bookings in the second quarter stood at 1.67 million square feet valued at Rs 1,249 crore. Brigade Group plans to launch approximately 13 million sq ft of area in Bengaluru, Hyderabad, and Chennai over the next year, with a significant focus on residential projects. With a three-decade track record, Brigade Enterprises Ltd is one of India’s leading property developers.
The collaboration with Krishna Priya Estates and Micro Labs underscores Brigade Group’s commitment to expanding its footprint and meeting the growing demand for quality residential spaces in key markets.
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