Brigade Enterprises Limited posted presales of Rs 6,013 crore during FY24 and Rs 2,243 crore in the fourth quarter of the financial year, the highest ever for both in terms of a quarter as well as financial year. In terms of real estate sales volume, the company recorded 7.55 million sqft with average realisation increasing by 23 per cent during FY24 in comparison to the previous year. For the fourth quarter, real estate sales volume stood at 2.72 million sqft.
Collections across the Group for FY24 stood at Rs 5,915 crore as against Rs 5,424 crore for FY23.
Under the operational leasing portfolio, Brigade Enterprises said that the leasing grew by 14 per cent YoY with 1 million sqft of additional area leased over FY23, achieving 97 per cent occupancy in the overall portfolio. It recorded incremental leasing of 0.20 million sqft in the leasing portfolio in Q4FY24.
In the Hospitality vertical, average occupancy stood at 72 per cent (grown 3 percentage points) and ARR stood at around Rs 6,480 which recorded around 8 per cent growth in FY24.
In FY24, the company launched 5.26 million sqft in the residential vertical and 0.94 million sqft in the commercial vertical.
Pavitra Shankar, Managing Director, Brigade Enterprises Limited, said, “The residential business continued to drive sales growth, with all other verticals of the company contributing significantly and finishing strong in the financial year. This year, we have been able to achieve our best ever operational performance, and we aim to leverage this performance in FY25. Our outlook is optimistic, as we believe demand for residential space will continue to be strong. Our leasing efforts gained momentum and healthy growth in ARR in our hospitality vertical as well. We are aggressively pursuing land acquisition opportunities in our target markets and continue to add high quality assets to our land bank.”
Brigade Group has a healthy pipeline of new launches of around 12.61 million sqft in Residential, 6.33 million sqft in commercial and 1.06 million sqft in hospitality.