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HomeReal EstateBrigade Group to develop over 14 acres land in Yelahanka, Bengaluru 

Brigade Group to develop over 14 acres land in Yelahanka, Bengaluru 

Brigade Group, along with Krishna Priya Estates and Micro Labs, has entered into a joint development agreement (JDA) for a 14-acre land in Yelahanka, Bengaluru.

“We anticipate the project to yield a revenue realization of Rs. 2,100 crore on completion,” said Pavitra Shankar, managing director, Brigade Enterprises (BEL). 

The project will feature approximately two million sq ft of residential housing, with a gross development value (GDV) of Rs. 2,100 crore.

In Q2 FY24, the company acquired about 42 acres of land in Bengaluru, Hyderabad, and Chennai, offering a development potential of 7 million sq ft and a GDV of Rs 7,700 crore.

Over the next four quarters, Brigade Group plans to launch nearly 13 million sq ft, with 11 million sq ft dedicated to residential spaces, boasting a GDV of Rs 11,000 crore. Anticipating the launch of 6.5 million sq ft before the fiscal year-end.

Brigade Group also has a 0.5 million sq ft active pipeline for office spaces in Bengaluru and Chennai.

Atul Goyal, chief financial officer, BEL, said, “Our average cost of debt has been contained at 8.72%, an increase of 107 bps though the repo rate has increased by 250 bps. The gross debt of the entity stood at Rs 4,097 crores. The cash and cash equivalent was Rs 1,570 crore as of 30th September 30, 2023.”

As of 30th September 2023, the company’s net debt stands at Rs 2,527 crore, with BEL’s share being Rs 1,592 crore. The debt-equity ratio is at 0.63, with approximately 77% of the debt associated with the commercial segment offset by rental income.

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