Brigade Enterprises Signs Agreement For Rs 2,100 Crore Bengaluru Housing Project

Brigade Enterprises Ltd. signed a joint development agreement with Krishna Priya Estates and Micro Labs for a residential housing project in Bengaluru for Rs 2,100 crore.

The Bengaluru-based real estate company will develop around 2 million square feet of residential housing in Yelahanka, which is spread over 14 acres, it said in its exchange filing on Thursday.

While Yelahanka is a fast-growing residential hub in Bengaluru, the agreement will add to Brigade Group's residential portfolio in the city, it said.

"This project will be designed and executed keeping in mind customer preferences for quality and sustainability," said Pavitra Shankar, managing director, Brigade Enterprises.

Over the next year, the property developer has a pipeline of around 13 million square feet in Bengaluru, Hyderabad, and Chennai, of which 11 million square feet is from residential projects.

Brigade Enterprises bought a 9.71-acre land parcel last month in Hyderabad for Rs 660 crore to expand its business. The firm had also earlier acquired a land parcel from Pfizer Healthcare India Pvt. for Rs 139 crore.

The real estate company's consolidated net profit rose for the second quarter of fiscal 2024, meeting analysts' estimates.

The realty firm's net profit increased to Rs 112.5 crore from Rs 51.8 crore year-on-year. New bookings in the real estate segment in Q2 was at 1.67 million square feet, valued at Rs 1,249 crore.

Shares of Brigade Enterprises closed 2.91% lower at Rs 714.6 apiece, as compared with a 0.46% advance in the benchmark NSE Nifty 50 on Thursday.