by THO
Bengaluru-based real estate developer Brigade Group, through its wholly owned subsidiary, Brigade Tetrarch Private Limited, has entered into a Limited Liability Partnership (LLP) agreement to develop a ₹750-crore commercial space on Old Airport Road in Bengaluru, the company said in a statement on August 6.
The proposed commercial development will have 1.4 million square feet of leasable area which is expected to generate an annual lease income of ₹100 crore, the statement added.
“This project reflects our commitment to develop world-class tech-enabled commercial spaces, with adequate amenities that will cater to the dynamic needs of businesses. We are confident that this development will set new benchmarks in the commercial segment and contribute significantly to the economic growth of the city.” said Nirupa Shankar, Joint Managing Director, Brigade Group.
Also Read: Brigade Group to develop 8-acre housing project worth ₹1,100 crore in Bengaluru
The project’s location
The project is strategically located on Airport Road, a prime commercial hub in Bengaluru, ensuring excellent connectivity and accessibility, the real estate player said.
This comes after Brigade Enterprises Limited on August 5 reported a nearly four-fold year-on-year jump in its net profit for the April-June quarter of financial year 2024-25 at ₹81 crore. The metric stood at ₹22 crore in the year-ago period.
The company’s consolidated revenue from operations grew to ₹1,113 crore during June quarter from ₹685.43 crore in the year-ago period, the real estate player said in a regulatory filing.
Also Read: Brigade Enterprises Limited’s net profit jumps nearly four times to ₹81 crore in Q1 FY25
Brigade Enterprises recorded presales of ₹1,086 crore during the three-month period, alongside a sales volume of 1.15 million square feet in the quarter ended June 30. Average realization stood at ₹9,483 per square feet during the quarter, the company statement said.
Established in 1986, Brigade Enterprises Ltd has developed several landmark buildings across Bengaluru, Chennai, Hyderabad, Gift City-Gujarat and Thiruvananthapuram, among others, with developments across residential, office, retail and hotels.
Also Read: Brigade Group launches project in North Bengaluru with a revenue potential of ₹1100 crore
