Brigade Enterprises gains on plan to develop office space in Bengaluru

Brigade Group will develop a premium ‘Grade A’ office space on Sankey Road in Bengaluru’s Central Business District. The project has a gross development value of around Rs 500 crore, the company has said

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Brigade Enterprises was up in the early trade on December 7 after the company signed a joint development agreement to develop premium A grade office space in Bengaluru’s central business district.

“Brigade Group, has entered into a joint development agreement (JDA) to develop a premium ‘Grade A’ office space on Sankey Road in Bengaluru’s Central Business District. With a developable area of around 0.20 million square feet, the project has a Gross Development Value of around Rs 500 crore,” the company said in its release.

The development aligns seamlessly with its commitment to expanding its commercial portfolio, the company said.

“This is a marquee property, and we are happy to be developing it. Further, we are confident that this project will perfectly align with the growing need of an ideal solution for professionals seeking top-tier work facilities,” said Nirupa Shankar, Joint Managing Director, Brigade Enterprises.

At 9.26 am, Brigade Enterprises was quoting at Rs 851.60 on the BSE, up Rs 4.30, or 0.51 percent, from the previous close.

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The company’s subsidiary Brigade Hotel Ventures announced the signing of the first ibis Styles in Mysuru. Scheduled for opening in Q3 of 2024-25, ibis Styles Mysuru will offer 130 rooms.

Earlier in this month, the company launched a joint development project “Brigade Sanctuary” residential project in Bengaluru, spread across 14 acres.

The project has a gross revenue potential of Rs 2,000 crore and the total development area will be around 2 million sq. ft.