Brigade Enterprises said it has acquired a plot of Rs 139 crores from Pfizer Healthcare India Ltd in Chennai to build a residential project.
The 6.54 acre land-plot has been acquired in Sholinganallur, on the Old Mahabalipuram Road.
“We will be developing a residential project on this land parcel with an overall development of over one million square foot,” it said.
At an average of 1,000 square foot per unit, that translates to around 1,000 flats or apartments.
There have been several other land acquisitions announced by real estate companies in India.
In February 2023, Brigade Group acquired a 8 acre land in Hyderabad for Rs 650 crore for a residential development.
In July last year, Prestige Estates acquired a 10-acre land in Bengaluru from Metro Cash and Carry for Rs 300 crore for a mixed-use project.
In September 2022, Puravankara acquired a 8.5 acre land in Chennai for Rs 225 crore for a residential development.
In December 2022, Sobha Limited acquired a 8.8 acre land parcel in Gurugram for Rs 370 crore to develop housing units. In January 2023, DLF acquired a 10 acre land in Gurugram from Indiabulls for approximately Rs 700 crore for a luxury housing project.
Brigade Enterprises is a real estate and property development company that is based in Bengaluru, Karnataka. It was founded by M.R. Jaishankar in the year 1986
In recent years, the company has branched out to cities like Mangalore, Mysore, Chennai, Kochi, Hyderabad, Chikmagalur, Ahmedabad and has a representative office in Dubai.
Some of its major projects include Brigade Towers, Brigade Metropolis, and World Trade Center Bangalore.
It went public in 2007 with an IPO on the BSE and NSE. As of 2020, it had a market capitalization of over ₹6,000 crores.
The company has developed over 50 million square feet of real estate across Bangalore, Mysore, Mangalore and Chennai. Some of its prominent residential projects include Brigade Millenium, Brigade Gateway and Brigade Golden Triangle.
Over the past year leading up to August 2023, Brigade Enterprises’ stock price has been on an upward trajectory overall. In August 2022, it was trading around ₹270 per share.
In the April-June quarter of 2023, real estate stocks like Brigade saw positive momentum as the sector continued to recover from the pandemic impact. Brigade’s stock hit a 52-week high of ₹345 in April 2023.
Some key factors driving Brigade stock were the company’s healthy sales growth and collections, new project launches, and reduction in debt. Investors were regaining confidence in the realty sector.
However, the stock price moderated through May and June 2023 due to global factors like rising inflation, interest rates hikes, etc affecting investor sentiment.