Brigade Group has signed a contract for a plot of land in Bengaluru with a gross development value (GDV) of Rs.660 crore, as stated in a regulatory filing by the company.
The company said in a regulatory filing on May 9, “We would like to inform you that the Company has signed a definitive agreement for a prime land parcel located on Old Madras Road, Bengaluru. Spread across 4.6 acres, the total development potential of the residential project will be around 0.69 mn sq ft with a Gross Development Value of Rs.660 crore.”
Old Madras Road is an up-and-coming residential area that boasts enhanced infrastructure, excellent connectivity, and upcoming development projects in the vicinity.
The Managing Director, Brigade Enterprises Limited,“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 Group boasts a robust pipeline of upcoming projects totaling approximately 12.61 million square feet in the residential sector spanning Bengaluru, Chennai, and Hyderabad. Since its establishment in 1986, Brigade Enterprises Ltd has successfully executed numerous developments in various cities including Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru, and Chikkamagaluru.
On May 9, the shares of Brigade Enterprises Ltd closed at ₹1,061.60 on the BSE, marking a decrease of ₹48.90 or 4.40%.
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