Brigade Enterprises Ltd. will be working on a residential project with a gross developmental value of Rs 1,200 crore, according to an exchange filing on Monday.
The firm signed a joint development agreement to develop the project in Banashankari, 5th Stage, South Bengaluru. The homes will extend across 7.5 acres, according to the filing.
The project is "poised to deliver thoughtfully designed high quality residential spaces", according to a press release from the company.
The project will feature premium apartments tailored for "discerning homebuyers seeking elevated living in a prime location". "With proximity to key infrastructure, educational institutions and commercial hubs, the development is set to become a landmark residential address in South Bengaluru," it said.
“Banashankari represents a unique blend of heritage and connectivity, supported by social and physical infrastructure, making it ideal for quality residential development. With Bengaluru evolving, we remain dedicated to delivering thoughtfully designed homes that not only elevate urban living but also contribute meaningfully to the city's growth and economic landscape.” said Pavitra Shankar, managing director of Brigade Enterprises.
Shares of Brigade Enterprises closed 1.32% lower at Rs 924.6 apiece on the NSE, compared to a 0.49% fall in the benchmark Nifty. The stock has fallen 30.67% in the last 12 months and 25.62% on a year-to-date basis.
Out of the 14 analysts tracking the company, 13 have a 'buy' rating on the stock and one suggests 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 40%.
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