Realty firm Brigade Group’s sales bookings rose 70 per cent annually to Rs 813.9 crore in the first quarter of this fiscal on better housing demand. The sales bookings of the Bengaluru-based developer stood at Rs 480 crore in the year-ago period. “Achieved net sale value of Rs 8,139 million during Q1 FY23, an increase of 70 per cent from the first quarter of FY22,” according to an investors presentation.
The company sold housing properties worth Rs 742.8 crore in the April-June period of this financial year as against Rs 468.8 crore in the corresponding period of the previous year. The company sold commercial properties worth Rs 71.1 crore in the first quarter of this fiscal year from Rs 11.2 crore previous year. The sales realisation increased to Rs 6,589 per square feet as compared with Rs 6,275 per square feet.
Recently, Brigade Enterprises Ltd reported a consolidated net profit of Rs 87.68 crore for the quarter ended June on better sales. It posted a net loss of Rs 40.09 crore last year. Total income jumped more than two-fold to Rs 920.28 crore in the first quarter of FY23 as compared to Rs 391.52 crore in the corresponding period of the previous year. Recently, the company has also acquired a land parcel in Chennai from TVS group and partnered with landowners in Bengaluru to develop two real estate projects with an estimated sales potential of Rs 4,000 crore in the next 4-5 years.
The agreement to purchase the Mount Road property in Chennai from the TVS Group company has a potential 1 million square feet of a mixed-use development comprising office, retail and residential. The joint development property in Bengaluru has a development potential of over 2 million square feet of residential apartments.
Brigade Enterprises has a presence across South India, in the cities of Bengaluru, Mysuru, Hyderabad, Chennai and Kochi with developments across the residential, office, retail and hotels. The Bengaluru-based firm is one of the leading real estate developers in the country. It has a land bank of nearly 500 acres.