"Brigade Group Signs ₹2,100 Crore Joint Development Agreement, Boosting Share Values"

Bengaluru-based real estate firm, Brigade Enterprises Ltd, witnessed a 5.02% surge in its shares following the announcement of a Joint Development Agreement (JDA) with Krishna Priya Estates Pvt Ltd and Micro Labs Ltd. The collaboration aims to undertake the development of approximately 2 million square feet of residential housing in Yelahanka, Bengaluru, over a sprawling 14-acre area. The Gross Development Value (GDV) for this ambitious project is estimated at ₹2,100 crore.

Pavitra Shankar, the Managing Director of Brigade Enterprises Limited, expressed the company's commitment to delivering a high-quality residential development that complements the prime location of Yelahanka. The projected revenue upon completion is expected to reach ₹2,100 crores. Shankar emphasized that the project would prioritize customer preferences for quality and sustainability in both design and execution.

This significant development aligns with Brigade Group's broader plans, as it outlines an extensive pipeline for the upcoming year. The company envisions projects encompassing around 13 million square feet in Bengaluru, Hyderabad, and Chennai, with a substantial portion, 11 million square feet, dedicated to residential ventures. The successful signing of the Joint Development Agreement underscores Brigade Group's strategic initiatives for growth and expansion in the real estate sector.

HBL