Brigade Enterprises jumps 5% on Rs 2,000 crore residential project plan

Brigade Enterprises share price BSE, Brigade Enterprises news: Brigade Enterprises shares advanced on Thursday, February 22, a day after the company signed a Joint Development Agreement with PVP Ventures Limited to develop a 2.5 million square foot, high-rise residential project spread across 16 acres in Perambur, Chennai, with a revenue potential of about Rs 2,000 crore.

Continuing the upward trend for the second session, the realty stock gained by as much as Rs 50.15, or 4.9 per cent, to Rs 1,054.4 apiece on BSE. At the said level, the stock was Rs 53.25 away from its 52-week high of Rs 1,107.65 apiece clocked on February 2, 2024. However, the counter closed flat at Rs 1,003.85, down by Rs 0.4 or 0.04 per cent on BSE.

"Brigade Hotel Ventures Limited, a wholly-owned subsidiary of the company, has signed a 45-year lease agreement with the landowners to build a 250-room resort on East Coast Road (ECR) in Chennai," the company informed the exchanges in a filing dated February 21.

According to the company, Bengaluru, Chennai, and Hyderabad are key focus markets, and this strategic expansion in the residential and hospitality sectors is an integral part of the overall growth plan.

"The residential sector is showing sustained growth across the country, with Chennai gaining momentum from the increased presence of IT/ITeS, BFSI, manufacturing, automotive, and GCC companies in the region," the filing added.

What does Brigade Enterprises do?

Established in 1986, Brigade Enterprises is a property developer with over three decades of expertise. 

Brigade Enterprises has developed many landmark buildings and transformed skylines across cities—Bangalore, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru, and Chikkamagaluru with developments across residential, office, retail, and hotels.

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