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Language , Updated: Aug 9, 2022, 7:52 PM
New Delhi, Aug 9 (PTI) Real property corporate Brigade Group has received a work of land in Chennai from TVS Group. In addition the corporate has partnered with landowners in Bangalore. The corporate intends to expand two actual property tasks in Chennai and Bengaluru. The corporate expects gross sales proceeds of Rs 4,000 crore from those tasks. “The Brigade Group has signed definitive agreements for prime plots in Chennai and Bengaluru, with a total investment of Rs.
“The Brigade Group has signed definitive agreements for top plots in Chennai and Bengaluru with a complete income attainable of Rs 4,000 crore over the following 4-5 years,” the company said in a statement.
The property, purchased at Mount Road, Chennai from a TVS group company, has a potential for a mixed use development of 1 million sq ft. Office, retail and residential sites will be built on this property.
The combined development property in Bengaluru has the potential to develop residential apartments in a plot of over 20 lakh sq ft.
MR Jaishankar, Chairman and Managing Director, Brigade Group, said, “We are constantly on the lookout for strategically located plots that we can acquire and develop. The acquisition of both these properties in Chennai and Bengaluru is part of our growth strategy as we continue to focus on South India with emphasis on Bengaluru, Chennai and Hyderabad.
Brigade Enterprises Limited’s consolidated net profit for the quarter ended June stood at Rs 87.68 crore. The company had posted a net loss of Rs 40.09 crore in the same period a year ago.
The company’s total income more than doubled to Rs 920.28 crore in the first quarter of the current fiscal from Rs 391.52 crore in the corresponding period of the previous year.
