Brigade Enterprises buys Land across Hyderabad and Chennai
Brigade Enterprises has purchased land worth Rs 1,300 crore over the past year across the Southern market, to strengthen its position in the residential segment.
In a recent purchase, the company bought a piece of land in Neopolis, Kokapet, Hyderabad for Rs 660 crore for a 9.7-acre plot, which translates to around Rs 68 crore per acre.
The company will primarily build residential properties on this expanse of land spanning one million square feet.
“We had already paid the first tranche, and we will primarily build residential on the recently purchased land. It may have some elements of other asset classes, too.
The recent land purchase was funded through internal accruals, as the residential segment is doing extremely well. The Hyderabad land deal will conclude within a month,” said Amar Mysore, executive director of Brigade Enterprises.
Recently, Brigade acquired approximately 6.5 acres of land in Chennai from Pfizer Healthcare for a sum of Rs 139 crore.
Earlier, Brigade Enterprises had also procured land from a TVS Group company at the Mount Road location in Chennai, in a transaction exceeding Rs 500 crore in value.
“The total development potential across all three land purchases would be around 5.5 mn sq ft with a gross development value of Rs 6500 crore. We may launch one for the project this year, depending on the approvals,” said Mysore.
The Bangalore headquartered firm is actively looking at acquiring land parcels as demand for residential real estate remains strong across the market.
“We are looking at various deals at this point and will take a call based on the financial viability,” he said.
Brigade Enterprises (BEL) reported a steady quarter of bookings with pre-sales of Rs 1000 crore, up 22% for Q2FY2024.
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