Shares of Brigade Enterprises Ltd rallied 4% on 4 July after the company announced signing a joint development agreement for a 1.2 million square feet residential project in Bengaluru. 

In its regulatory filing, the company said, “We would like to inform you that the company has signed a Joint Development Agreement for a residential project spread across 8 acres with a total development potential of around 1.2 million square feet. The Gross Development Value of the project is around Rs 1,100 crore.”

The project comprises two and three BHK apartments that are designed to maximise open spaces with extensive green landscapes and modern amenities. 

The project covers 8 acres of land and is strategically situated in an area that boasts prominent shopping centres, established office spaces, and entertainment hubs that create a vibrant living environment. Its location ensures convenient access to the city centre, which will enhance the overall lifestyle of the occupants. 

Pradyumna Krishnakumar, executive director of Brigade Enterprises Limited, said, “Bengaluru’s residential real estate market is experiencing tremendous growth and we are excited to be part of this growth momentum. This project will be a significant landmark in this micro market of Tumkur Road and is in addition to our planned pipeline of over 12 million square feet of residential developments planned across Bengaluru, Chennai and Hyderabad in the coming year. It aligns with our strategic vision to expand our presence in key growth corridors of Bangalore and our commitment to provide unparalleled living experience to our home buyers.”

Krishnakumar added that West Bangalore has started to become more favourable for residential developments due to its excellent connectivity and existing infrastructure. 

Earlier in June, the company inked a pact to develop a third tower of the World Trade Centre (WTC) at the Infopark Kochi, which is expected to be completed in three years. 

At 12:09 pm, the shares of Brigade Enterprises were trading .12% higher at Rs 1,397.05 on NSE.