Brigade Enterprises gains on picking up over 5 acres in Bengaluru for Rs 123 crore

The company will be developing a residential project on the land parcel with an overall development of nearly one million square feet with an overall revenue potential of around Rs 800 crore.

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The share price of Brigade Enterprises edged up 1 percent in early trade on September 18 after a subsidiary acquired over 5 acres of land parcel in Bengaluru.

At 9:22am, Brigade Enterprises was quoting Rs 624.80, up Rs 6.35, or 1.03 percent, on the BSE.

Brigade Tetrarch Private Limited, a wholly owned subsidiary of the company, has entered into a sale deed for acquiring 5 acres 35.25 guntas of land parcel at Venkatala village, Yelahanka Hobli, Bangalore North Taluk, for an overall consideration of more than Rs 123 crore from Bangalore Ceramics.

It will develop a residential project on this land with an overall development of nearly 1 million square feet with an overall revenue potential of around Rs 800 crore.

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In August, the company said that it had acquired 6.54 acres of land parcel at Rajiv Gandhi Salai (Old Mahabalipuram Road), Sholinganallur, Chennai from Pfizer Healthcare India Private Limited for an overall consideration of more than Rs 138 crore to develop a residential project with an overall development of over 1 million square foot.

For Q1FY24, Brigade Group reported a 26 percent year-on-year revenue growth to Rs 685 crore and a decline in net profit from Rs 87.7 crore in Q1FY23 to Rs 39 crore in Q1FY24.

Brigade Enterprises is a leading property developer in South India with office, retail and hotel projects in Bengaluru, Mysuru, Hyderabad, Chennai and Kochi.