Bengaluru based realty giant Brigade Group adding 3.15 million sq ft (msf) of office space in Bengaluru, Chennai and Hyderabad by the end of FY25, according to the statement of Nirupa Shankar, joint managing director, Brigade Group.
In addition to this land parcel, the company has 1.4 msf under construction and eyes a revenue potential of Rs. 400 crore from both developments.
Nirupa further added, "We currently have 7.5 msf of operating office assets. However, within the next two years, we are looking to add a total of 4.5 msf in the three cities. With these new additions total operating office portfolio stands about 12 msf in the next four years."
In Bengaluru, they are eyeing on the eastern IT hub of Whitefield for upcoming developments, and presently, the company also has 1.3 msf of office assets in north Bengaluru and that is set to be completed by the first quarter of the next financial year.
The upcoming commercial developments of the company will have major office parks across the cities. Besides,the company has a land parcel of 3.5 msf located in the vicinity of international airport where it plans to develop a built-to-suit.
Over the next fiscal, the group is focusing to eye on Bengaluru, Hyderabad and Chennai, apart from enlarging its presence smaller cities like Thiruvananthapuram and Kochi. In Q3FY24, Brigade Group posted a net profit of Rs 56 crore, up 31 percent over the previous year, on revenue of Rs 1,208 crore. In the offices segment, the company leased out 0.49 msf for revenue of Rs 247 crore. Commercial constructions like the offices and retail spaces segment contributed about 20 percent towards total sales, and from residential segment they have earned 65 percent.
Nirupa added, “We are looking to add 400 seats by the Q1 of FY25. By the end of the next financial year, we hope to add a total of about 1,000 seats in the flex segment—almost double of what we added last year. The flex segment contributes to 30-35 percent of the overall office segment with central business district areas seeing very low vacancies.”
She further added that, with the expansion of Bengaluru a lot of new areas are being unlocked as smaller real estate pockets, like south eastpart of Sarjahpur where several residential pockets coming out. In hospitality sector, the total potential development will be 1 msf and will be launched by the end of FY25. Apart from this, one hotel in Mysuru which is under construction is expected to start its operations by Q3 FY25.
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