Brigade Enterprises, the Bengaluru-based real estate developer, has signed an agreement for a 20-acre 'prime land parcel' located on city's Whitefield-Hoskote Road, to develop a residential project with a Gross Development Value (GDV) of about Rs. 2700 crore, said a company filing on January 3.
Brigade's project at Whitefield will have a total saleable area of around 2.5 million square feet, and a land cost of Rs 630 crore, purchased through subsidiary Ananthay Properties. Whitefield is Bengaluru's largest and most prominent IT hub, and Brigade Enterprises plans to tap into one of the city's most desirable neighbourhoods with this project.
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"We remain focused on acquiring prime land in key markets to strengthen our land holdings," said Pavitra Shankar, Managing Director of Brigade Enterprises.
The area - connected via road, rail, and an upcoming Metro extension - has been attracting homebuyers seeking proximity to workplaces, said Brigade, and wants to pitch the project to both professionals as well as investors.
"This project plays a significant role in supporting our long-term residential expansion strategy," added Pavitra Shankar.
The Brigade Group claims to have a healthy pipeline of residential projects, with nearly 12.61 million square feet of new developments spread across Bengaluru, Chennai, and Hyderabad. The company claims it is seeing as much as 50% of sales coming in from about 5-6 new launches during the first half of the fiscal, and has seen strong performance by ongoing and under-construction projects.
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During the September quarter earnings call, the company had said that it is looking at launches in Hyderabad, Chennai and a couple of projects in Bengaluru during H2FY25.
The management has recently raised as much as Rs 1,500 crore through a QIP, and the proceeds from this share placement will be used for debt repayment and land acquisition.
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