Brigade Enterprises Ltd has acquired a 6.54-acre land parcel in Chennai from Pfizer Healthcare India for ₹139 crore. The Bengaluru-based real estate firm plans to develop a residential project in this space.
In a regulatory filing on Tuesday, Brigade Enterprises said that the land parcel is located on Rajiv Gandhi Salai (Old Mahabalipuram Road) in Sholinganallur.
“We will be developing a residential project on this land parcel with an overall development of over one million square feet,” it added.
Brigade Enterprises has projects spanning residential, office, retail and hotels in Bengaluru, Mysuru, Hyderabad, Chennai and Kochi. Its marquee properties in Chennai include the 28-storeyed World Trade Center in Perungudi.
First quarter results
In Q1FY24, Brigade Group’s real estate sales stood at ₹996 crore, of which residential sales accounted for ₹992 crore while commercial property sales stood at ₹4 crore. Of the total residential sales, 88 per cent came from Bengaluru, followed by Chennai (10 per cent) and the rest from Mysuru and Hyderabad.
“We have planned 7.87 million square feet of residential launches in the next three quarters to four quarters,” MR Jaishankar, Executive Chairman, Brigade Enterprises, said in the company’s Q1 earnings call.
As of June quarter, the Brigade Group has 455 acres in its land bank, of which Bengaluru accounted for the highest share of 340 acres followed by Chennai (85 acres).
Jaishankar said the company has signed several projects in Chennai and Hyderabad and added that it would like to reach 10 million sq ft sales as early as possible.
He further added that 50 per cent of the sales will come from Chennai and Hyderabad markets while Bengaluru will contribute the remaining 50 per cent.
Meanwhile, shares of Brigade Enterprises closed flat at ₹589.40 on NSE on Tuesday.