Brigade Enterprises shares extend gains to eighth straight day; what is driving the gains in this realty stock?

Brigade Enterprises shares rose on Friday after the property developer group signed a 10-year agreement to lease 54,300 square feet of office space, at Brigade Deccan Heights in Northwest Bangalore, to engineering design company Sidvin Core-Tech India. The stock of Bengaluru-headquartered Brigade Enterprises gained by as much as Rs 22.7, or 2.6 per cent, to Rs 888 apiece on BSE, on track to close higher for the eighth session in a row. 

In a regulatory filing post-market hours on Thursday, the company said Brigade Deccan Heights is strategically located in Yeshwanthpur on the outer ring road in Northwest Bengaluru and spans 2.2 acres with a development area of 4.3 lakh square feet.

Deccan Heights is connected to the central business district via a six-lane elevated expressway and is well-linked with an operational Metro line and local transport, Brigade Enterprises said. 

“Northwest Bengaluru is fast becoming a much sought-after area for commercial Grade A office establishments. The region is growing at a phenomenal pace and is emerging as a significant Micro market in the city. Our agreement with Sidvin Core-Tech is a testament to the significant potential of the area," said Nirupa Shankar, Joint Managing Director at Brigade Enterprises. 

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