Brigade Group Signed Agreement Having GDV worth Rs. 2,100 cr in Yelahanka

Bangalore based Realty Giant Brigade Group, has recently signed a joint agreement of development with Krishna Priya Estates and Micro Labs to develop over 14 acres land in Yelahanka in Bengaluru.

In an interview with PTI the Managing director, Brigade Enterprises, Pavitra Shankar, mentioned, "We anticipate the project to yield a revenue realization of Rs. 2,100 crore on completion." 

The project consists of a developable area of around two million sq ft of residential housing with a Gross Development Value of Rs. 2,100 crore.Similarly, the Karnataka government awarded a contract to port operator JSW Infrastructure to build a new greenfield port for Rs. 4,119 crore.

During Q2 FY24, the company secured approximately 42 acres of land across Bengaluru, Hyderabad and Chennai. It retains development potential of 7 million sq ft and the gross development value of Rs. 7,700 crore, the company said in its earnings call. Brigade Group has an active pipeline of 0.5 million sq ft of office space in Bengaluru and Chennai.

The company is expecting to launch almost 13 million sq ft within the next four quarters. Out of this 11 million sq ft will be residential with a gross development value of Rs. 11,000 crore. They will launch 6.5 million sq ft of project before the end of this financial year.

Chief financial officer, Brigade Enterprises, quoted, "Our average cost of debt has been contained at 8.72%, an increase of 107 bps bps though the repo rate has increased by 250 bps. Gross debt of the entity stood at Rs 4,097 crores. The cash and cash equivalent was Rs 1,570 crore as on 30th September 30, 2023.

The company's net debt outstanding was Rs 2,527 crore, out of which BEL's share out of which BEL's share was Rs 1,592 crore. Almost 77% of the debt pertains to the commercial portion, which is cut by rental income. Debt equity ratio stood at 0.63 as on September 30, 2023.