by THO
Bengaluru-based Brigade Enterprises Limited reported an almost 46% increase in its annual sale bookings to record sale bookings of ₹6,013 crore in FY24 on the back of increase in housing demand.
Its sale bookings stood at ₹4,109 crore in the 2022-23 fiscal.
In a statement, Brigade Enterprises said it has achieved pre-sales of ₹6,013 crore in FY24 and ₹2,243 crore in the fourth quarter of FY24 – the highest ever for both in terms of a quarter as well as financial year.
Additionally, the company achieved real estate sales volumes of 7.55 mn sq ft. in FY24 and 2.72 mn sq ft in Q4 FY24, along with average realization for FY24 increasing by 23% over FY23. Collections across the group for FY24 stood at ₹5,915 crore as against ₹5,424 crore for FY23, the company said.
Also Read: Brigade Group signs joint development agreement for office space in Bengaluru worth ₹340 crore
Under the operational leasing portfolio, leasing grew by
14 % YoY with 1 mn sq ft of additional area leased over FY23, achieving 97% occupancy in the overall portfolio. It reported an incremental leasing of 0.20 mn sq ft in the leasing portfolio in Q4 FY24, it said.
In the hospitality vertical, average occupancy stood at 72% (grown 3 percentage points) and ARR stood at around ₹6,480 which recorded around 8% growth in FY 24.
In FY 24, the company launched 5.26 mn sq ft in the residential space and 0.94 mn sq ft in the commercial vertical.
Commenting on the company’s performance, Pavitra Shankar, Managing Director, Brigade Enterprises Limited said, “The residential business continued to drive sales growth, with all other verticals of the company contributing significantly and finishing strong in the financial year. This year, we have been able to achieve our best ever operational performance, and we aim to leverage this performance in FY25.”
“Our leasing efforts gained momentum and healthy growth in ARR in our hospitality vertical as well. We are aggressively pursuing land acquisition opportunities in our target markets and continue to add high quality assets to our land bank,” she said.
Also Read: Brigade Group to invest ₹400 crore to develop office space in Chennai
Brigade Group has a pipeline of new launches of around 12.61 mn sq ft in residential, 6.33 mn sq ft in commercial and 1.06 mn sq ft in hospitality.
Established in 1986, Brigade Enterprises Ltd, has a presence in Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangalore and Chikkamagaluru with developments across residential, office, retail and hotels.
