Brigade Group has announced a joint development residential project in Bengaluru with a gross development value of Rs 1,100 crore. The company will develop 8 acres of land, with a total development area of about 1.2 million square feet.
The project in Bengaluru's Tumkur Road will have two- and three-bedroom apartments with range of modern amenities, an exchange filing said on Wednesday. The area will have shopping hubs, office spaces and entertainment zones.
The residential project will be an addition to the company's 12 million square feet of residential projects planned across Bengaluru, Chennai and Hyderabad in the coming year.
“Bengaluru's residential real estate market is experiencing tremendous growth, and we are excited to be part of this growth momentum," said Pradyumna Krishnakumar, executive director, Brigade Enterprises Ltd.
West Bengaluru is becoming a favored area for residential projects due to its connectivity and existing infrastructure, he pointed out.
This comes after the real estate firm launched a residential housing project, 'Brigade Insignia', in Yelahanka, Bengaluru, with a revenue potential of Rs 1,100 crore.
Shares of Brigade Enterprises closed 0.03% higher at Rs 1,368.10 apiece, compared to a 0.67% advance in the NSE Nifty 50 on Wednesday.
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