October 3, 2023
admin
Brigade Group to invest Rs 2,700 crore
Leading real estate developer Brigade Group plans to launch development of 7.5 million square feet (msf) of residential space with a construction investment of Rs 2,700 crore in Bengaluru, Chennai, and Hyderabad, by the first quarter of FY24-25. Last year, the company launched 5.5 msf but sold 6 msf, including existing inventory.
Managing Director Pavitra Shankar said, “The upcoming developments will have about 11 housing projects, 90 percent of which will be in Bengaluru. We are expecting a margin of at least 20 percent from this pipeline.”
Additionally, the company said that the residential pipeline will be much bigger if a 3 msf land parcel in Hyderabad’s Kokapet that it acquired in last month (August 2023) is also included. However, it depends on how long it takes to design the project and get the necessary approvals.
“By the time we design and get approvals for new projects, it typically takes about 12-15 months. There are two large projects in the pipeline — phase 2 of Brigade Eutopia in north Bengaluru (7 msf) and another one in Bengaluru of 6 msf. We are launching each phase quarter-wise (7.5 msf by June 2024),” Shankar said.
Currently, the Brigade Group has a land bank of about 47 msf, of which 38 msf is in the residential segment. About 20 msf (of the land bank) is under construction.
“Hardly any inventory is left with us due to high demand.
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