New Delhi, Nov 17 (PTI) Realty firm Brigade Enterprises has formed a partnership with Krishna Priya Estates and Micro Labs to develop a housing project in Bengaluru that has an estimated sales value of Rs 2,100 crore.
The 14-acre land parcel is located at Yelahanka in North Bengaluru.
Brigade Enterprises Ltd has signed a Joint Development Agreement (JDA) with Krishna Priya Estates and Micro Labs to develop around 2 million sq ft of residential project in Bengaluru with a Gross Development Value (GDV) of Rs 2,100 crore, the company said in a regulatory filing on Thursday.
"We will create a wonderful residential development worthy of the marquee location. We anticipate the project to yield a revenue realisation of Rs 2,100 crore on completion," Brigade Enterprises Ltd Managing Director Pavitra Shankar said.
The company has been acquiring land outright and through JDAs to expand its business amid strong demand for residential properties.
Last month, Brigade bought a 9.71-acre land parcel in Hyderabad for Rs 660 crore to expand its business.
In August, Brigade Enterprises acquired a 6.54-acre land parcel in Chennai from Pfizer Healthcare India for nearly Rs 139 crore to develop a residential project.
Recently, Brigade Enterprises has reported a 72 per cent increase in its consolidated net profit to Rs 133.50 crore for the second quarter of this fiscal year. Its net profit stood at Rs 77.58 crore in the year-ago period.
Total income rose to Rs 1,407.92 crore during the July-September period of this fiscal year from Rs 912.19 crore in the corresponding period of the previous year, according to a separate filing on Wednesday.
The company's sales bookings stood at 1.67 million square feet valued at Rs 1,249 crore during the second quarter of this fiscal year.
"All business verticals contributed significantly to the growth of the company in Q2 of FY24. The residential segment continues to outperform with strong absorption across our key markets, heightened end-user interest, stable registration processes, steady home loan rates and excellent response to new launches," Shankar had said.
With a robust pipeline of launches in Bengaluru, Chennai and Hyderabad, she expressed confidence that the company would sustain the momentum going forward.
Brigade Group will launch about 13 million sq ft of area in Bengaluru, Hyderabad, and Chennai over the next year. Out of which, 11 million sq ft is from residential projects.
Established in 1986, Brigade Enterprises Ltd is one of India's leading property developers with over three decades of expertise. PTI MJH SHW