Realty firm Brigade Enterprises Ltd has bought 20 acres of land in Bengaluru for Rs 588 crore to develop a housing-cum-commercial project as part of its expansion plan. In a regulatory filing on Monday, the company said it has 'acquired a prime 20.19-acre land parcel in the fast-emerging Whitefield-Hoskote corridor of Bengaluru'.
The company bought this land outright for Rs 588.33 crore. The company is expecting to generate a revenue of Rs 5,200 crore from this upcoming project.
The total development potential is 4.2 million square feet. "This acquisition aligns with our vision to develop landmark destinations that integrate living, working, and leisure."
"The Whitefield-Hoskote belt is poised for exponential growth, and we're excited to contribute meaningfully to its transformation," Pavitra Shankar, Managing Director of Brigade Enterprises, said.
The company has a strong presence in South India.
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