Companies

Brigade Group mulls more exposure in commercial, retail biz

| | Updated on: Mar 03, 2011
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Real estate developer, Brigade Group, plans to increase its exposure in commercial and retail developments. The company has already commenced construction of some of these projects, and a few more are expected to be launched in the coming months.

“Our exposure to commercial and retail is increasing, though residential projects still make up for 60 per cent of our development,” Mr Viswa Prathap Desu, Vice-President — Sales, Brigade Group, told Business Line .

Once completed, while residential projects are sold out, the other segments give opportunities to create assets and capitalise in the future, he said. Going forward, these segments could go up further.

The company will soon launch ‘Brigade Rubix', a 2.2-lakh-sq.ft. retail and small offices project near Peenya. The project, to be come at a cost of about Rs 60 crore, will offer ‘modular' offices ranging from 1,300 sq.ft. to 15,000 sq.ft. Another such smaller office project — Brigade IRV Centre — is expected to be launched in Whitefield. “We see a market for small offices in Whitefield,” said Mr Desu.

On the bigger World Trade Centre development, he said that over 2.5 lakh sq.ft. space has already been leased out. The retail component of the project, the 8-lakh-sq.ft. Orion Mall, will be launched in July this year.

“With retail coming up soon and IT manpower staying at the vicinity, we see a good uptake in the future,” he added. The World Trade Centre has 1.1 million sq.ft. of commercial space.

The company is also planning another retail development in Banaswadi, for which construction has already commenced, he pointed out. The 2.5-lakh-sq.ft. retail project would also have a four-screen multiplex, for which the operator has not been finalised yet, said Mr Desu.

Published on March 03, 2011

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