Bengaluru based Real estate giant Brigade Group told that, the rental prices in the Bengaluru market have remained steady, with a consistent 5% increase each year. Joint Managing Director of Brigade Enterprises, Nirupa Shankar, said in an interview with media that they anticipate a 15% rise in rental rates over the next three years, projecting the future value of rentals. The company wants to touch nearly Rs.700crore in rental profit, by the end of this year.
Nirupa further mentioned that, Bengaluru real estate market is very vast and robust. She explained that, in real estate, there are currently very strong performances across most sectors including residential housing, hospitality, and retail.
Nirupa also highlighted that, retail sales and sales volume are exceptionally good. Additionally, she stated that he commercial real estate market has been quite strong and able to withstand challenges.
She opined, “Bengaluru continues to be the most favored office leasing market, and demand continues to improve in the Whitefield micro market. Given this property’s prime location, metro connectivity and the property’s innovative and sustainable design at the forefront, we are confident that this project will perfectly align with the growing need of an ideal solution for professionals seeking top-tier work facilities.”
Yesterday, Brigade group notified the stock exchanges about a partnership with United Oxygen for constructing a 3 million square feet office complex in Bengaluru. The project is poised to produce a total development value of approximately Rs.340 crore.
Commenting about the new project, Nirupa said, “This is a joint development project in Whitefield in east Bengaluru, which is one of the very good markets for office absorption in the city. Bengaluru as well has been doing extremely well from an office absorption perspective.”
The market capitalization of Brigade Enterprises is around Rs.21, 816.87cr. Its shares have gained close to 101% in the past year.
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