Brigade group goes for Rs.10,000 cr realty projects

    Bengaluru-based Brigade Enterprises
    The Bengaluru-based Brigade Enterprises has decided to launch Rs.10,000 crore realty projects across verticals, including residential, commercial and hospitality segments in the downstream south covering Bengaluru, Chennai, and Hyderabad cities. In the recent past, it launched around 10 million sq.ft. space where it is investing between Rs.8,000- Rs.10,000 crore in the next three-to-four years. The funding of the new projects would be a mix of internal accruals, through sales and institutional financing, chairman M.R. Jaishankar said that it already has a partnership with Singapore-based private equity firm GIC Singapore Brigade under which each party will invest Rs.750 crore for land purchases. The platform has concluded signed land deals including two in Bengaluru and one Chennai. As a matter of fact, the residential market is showing signs of recovery after the slump due to demonetization, implementation of new real estate regulations and goods and services tax (GST). The government‘s thrust on affordable housing would help push growth in the segment and to make the most out of the emerging scenario, the firm has earmarked around Rs.3,000 crore for building affordable houses.
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