An eminent player in the landscape of real estate industry, Brigade Group’s shares rose, as it came into a Joint development Agreement with landowners to develop a luxury residential project. The agreement was signed to develop luxury residences of around 0.4 mn sq-ft in Mysuru, with a gross development value (GDV) of Rs. 300 crore. The land parcel is located in Kurubarahalli, next to the JW Golf Club, Mysuru. The project will be spread over 4 acres.
The stock of Brigade Enterprises jumped by as much as Rs. 47, or 5.6 per cent, to Rs. 891.7 apiece on BSE. Brigade Group has a strong pipeline over the next year, of around 13 million square feet in Bengaluru, Hyderabad, and Chennai, of which 11 million square feet is from residential projects.
Managing Director of Brigade Enterprises, Pavitra Shankar said, "This luxury project will consist of large units, including penthouses, designed with premium amenities and situated right next door to the Mysore Golf Club with beautiful views of Chamundi Hills,"
Shares of Brigade Enterprises rose as much as 5.61% before paring gains to trade 3.15% higher at 12:48 a.m. This compares to a 0.56% advance in the NSE Nifty 50. The stock has risen 87.27% on a year-to-date basis. Total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 82.
This project will offer upscale living experience with a scenic backdrop. This expensive segment of residential complex will include large units, including penthouses, designed with premium amenities. According to Pavitra this project will bring a new scope of development will help in the growth of this industry, focusing on the company’s sustained focus on meeting the evolving needs of urban living.
BPCL was among the top gainers, rising 2%, while Adani Group stocks extended their rally, marking a 2% to 6% surge for the second consecutive session.
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