Brigade Enterprises Limited, headquartered in Bengaluru, witnessed a significant surge of nearly 46% in its yearly sale bookings. The company achieved a remarkable record of Rs.6,013 crore in sale bookings during FY24, primarily driven by the escalating demand for housing.
Brigade Enterprises announced that it has recorded pre-sales of Rs.6,013 crore in FY24 and Rs.2,243 crore in the fourth quarter of FY24. These figures represent the highest pre-sales achieved in a single quarter as well as in a financial year.
Furthermore, the corporation recorded real estate sales volumes of 7.55 million square feet in the fiscal year 2024 and 2.72 million square feet in the fourth quarter of fiscal year 2024. The average realization for fiscal year 2024 saw a 23% increase compared to fiscal year 2023. Total collections for the group in fiscal year 2024 amounted to Rs.5,915 crore, up from Rs.5,424 crore in fiscal year 2023.
In the operational leasing portfolio, there was a 14% year-on-year growth, resulting in an additional 1 million square feet of leased area over the course of FY23. This led to an overall occupancy rate of 97% in the portfolio. Furthermore, in Q4 FY24, there was an incremental leasing of 0.20 million square feet in the leasing portfolio.
In the fiscal year 2024, the residential space witnessed the launch of 5.26 million square feet by the company, while the commercial vertical saw the launch of 0.94 million square feet.
Commenting on the performance of the company Managing Director, Brigade Enterprises Limited,Pavitra Shankar stated, “The residential business continued to drive sales growth, with all other verticals of the company contributing significantly and finishing strong in the financial year. This year, we have been able to achieve our best ever operational performance and we aim to leverage this performance in FY25.”
She also added, “Our leasing efforts gained momentum and healthy growth in ARR in our hospitality vertical as well. We are aggressively pursuing land acquisition opportunities in our target markets and continue to add high quality assets to our land bank.”
Brigade Group has an upcoming portfolio of approximately 12.61 million square feet in residential properties, 6.33 million square feet in commercial properties, and 1.06 million square feet in hospitality establishments.
Brigade Enterprises Ltd was founded in 1986 and currently operates in various cities including Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangalore, and Chikkamagaluru. The company is involved in the development of residential, office, retail, and hotel properties.
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