Brigade Group plans Rs 3,000-cr projects in Bengaluru & Chennai

Brigade Group is capitalizing on the surging demand for residential properties by unveiling 10 housing projects in Bengaluru and Chennai. These projects, with a construction cost of Rs 3,000 crore, aim to tap into the thriving residential market. MD Pavitra Shankar expressed the company's optimism, aiming to achieve a 15-20% growth in housing sales during the current fiscal year of 2023-24. To meet their ambitious targets, Brigade Group has allocated 7.54 million square feet across new phases in existing projects in the residential segment.

In the previous fiscal year, Brigade Enterprises successfully launched 5.4 million square feet in the residential segment. On the leasing front, the company experienced a substantial 26% increase in revenues, amounting to Rs 752 crore, compared to Rs 596 crore in the preceding year. This leasing revenue includes income generated from commercial assets and facility management business.

The retail malls under Brigade Group witnessed an impressive 106% surge in footfalls during the last fiscal year, while retail sales consumption exhibited a remarkable 78% annual growth in FY23. Moreover, Brigade's hospitality portfolio achieved an occupancy rate of 69%, surpassing the pre-COVID occupancy rate of 62%.