Brigade Enterprises, which re-entered ownership offices business, launched three projects in Bengaluru on Friday and has plans to launch three more by the end of this year.

“Ownership office is an investment offering to high networth individuals (HNIs) and prospective companies to own their office space,” MR Jaishankar, CMD, Brigade Enterprises, told BusinessLine .

Ownership offices is not new to the company or Bengaluru. Brigade began its business operations as a builder by constructing Brigade Towers in Bengaluru in 1986. The project was executed on ownership concept.

Sales volume

The company’s real estate business during the year (2017-18) achieved the sales volume of 1. 57 million sq ft and clocked a sales value of ₹896 crore. The total real estate revenue recognised in the books of account stood at ₹1,423 crore.

“After the arrival of information technology (IT) in Bengaluru city, office spaces got reduced to leasing concept, mainly led by multinational companies, who operated on asset light mode,” said Jaishankar.

“Now we see a definite demand for ownership offices as asset creation exercise. Return on investment (RoI) in residential offers 3-4 per cent return, while in commercial office spaces it ranges 8-9 per cent,” he added.

Pravien KAR, Senior General Manager, said, “The company has created smaller office spaces ranging 1,200 sq ft to 2,000 sq ft with ticket size of ₹4-5 crore upwards and bigger spaces above 1 lakh sq ft for bigger investors or companies.”

‘Brigade Showcase’

The company has been organising its ‘Brigade Showcase’ (annual property exhibition) for the last 11 years. The show is on from July 27 to 29 at the Sheraton Grand Hotel at Brigade Gateway.

This year, the main attraction is the launch of nine new projects along with a range of over 30 projects across South India starting from ₹34 lakh.

Jaishankar said, “The nine new launches include four residnential, three commercial and two consumer centric projects.”

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