Brigade Group plans Rs.3,000 cr realty projects

Buoyed by the fast revival in the country’s real estate sector, Brigade Group has decided to invest Rs.3,000 crore to expand its commercial property portfolio by 8 million sqft. The Bengaluru-based property developer currently has office projects spread over 12 million sqft. Chief executive-retail & commercial, Vishal Mirchandani said that the group will be building the assets mainly in southern India. The expansion of commercial portfolio will be funded by internal accruals, bank debt and commercial paper that the firm had raised in the past. The developer is constructing a 1.8 million sqft. World Trade Centre in Chennai. Commercial assets account for 20% of the group’s portfolio and the group will launch 6 million sqft. of office space. Several big construction firms such as RMZ Corp, Embassy Group and Puravankara Projects have in the recent past sharpened focus on rent-yielding office projects amid increasing demand for commercial properties, marking a shift from their overwhelming dependence on the residential segment.