Brigade Enterprises Launches Net-Zero Residential Development Project In Bengaluru
The project is in line with Brigade Group's journey of achieving net-zero emissions by 2045, the managing director says.
Brigade Enterprises Ltd. announced on Wednesday the launch of Brigade Citrine, a residential project in Bengaluru with an estimated gross development value of Rs 500 crore, according to an exchange filing.
The property developer claimed that the project is "India's first truly" net-zero carbon residential development. The project is based on 4.3 acres of land and has 420 houses, it said.
Brigade Enterprises used eco-friendly materials in addition to energy-efficient designs for the project. The company also used water conservation measures that will help save 8,900 tankers of water yearly, and carbon offsetting initiatives, according to the filing.
"Our commitment to net-zero for this project focuses on mitigating, reusing and offsetting to reduce the Brigade Citrine community's environmental impact over the next 25 years," Managing Director Pavitra Shankar said.
"Innovative designs leads to operational carbon efficiency and embodied carbon reduction up to 40%. The project is in line with Brigade Group's journey of achieving net zero emissions by 2045," Shankar added.
Brigade Enterprises' consolidated net profit rose 2.3% to Rs 115 crore in the second quarter of the current financial year from Rs 113 crore in the year-ago period. Revenue jumped 22% to Rs 1,072 crore in the quarter ended September.
Shares of Brigade Enterprises fell 2.54% during the day to Rs 1,265.80 apiece on the National Stock Exchange. The stock closed 1.81% lower at Rs 1,275 per share, compared to a 0.56% decline in the benchmark Nifty. The share price has risen 42.53% on a year-to-date basis.
Fourteen analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 14%.
