Brigade acquires Hyderabad land parcel for Rs 660 crore
Brigade Enterprises has concluded the acquisition of a 9.72-acre land parcel in Hyderabad, with the transaction valued at about '660 crore. The acquisition came in the backdrop of an agreement made in August, when the company agreed to purchase the land in Neopolis area at a rate of '68 crore per acre through an e-auction conducted by the Hyderabad Metropolitan Development Authority.
Brigade Enterprises confirmed the completion of the sales deed in a regulatory filing but refrained from disclosing the specific purpose or usage of the acquired land.
Over the past year, the company has strategically invested '1,300 crore in land acquisitions across southern India, with a strong focus on strengthening its presence in the residential real estate segment.
In recent transactions, the developer also acquired a 6.54-acre land plot from Pfizer Healthcare India for about '139 crore, and another plot of land from a TVS Group company in the Mount Road area of Chennai, with a transaction value exceeding '500 crore.
According to a recent report by Motilal Oswal, the company is aiming to scale up sales to 10 million square feet in the medium term, with 40-50% anticipated from Hyderabad and Chennai, while maintaining a strong focus on growth in Bengaluru.
«The real estate market is witnessing increased activity in land transactions, including outright acquisitions and joint ventures, in key property markets such as Mumbai, Pune, Chennai, Hyderabad and Bengaluru. This resurgence is driven by the ongoing upcycle in the housing market, motivating developers to propose residential developments on their land parcels, both existing in their land banks and newly acquired,» said Sankey Prasad, MD, Colliers India.
