Brigade Group has signed a joint development agreement (JDA) with Krishna Priya Estates and Micro Labs to develop over 14 acres land in Yelahanka, Bengaluru.”We anticipate the project to yield a revenue realization of Rs. 2,100 crore on completion,” said Pavitra Shankar, managing director, Brigade Enterprises (BEL).
The project will have a developable area of around two million sq ft of residential housing with a gross development value (GDV) of Rs. 2,100 crore.During Q2 FY24, the company added approximately 42 acres of land across Bengaluru, Hyderabad and Chennai. It has a development potential of 7 million sq ft and the gross development value of Rs 7,700 crore, the company said in its earnings call.
In the next four quarters, it expects to launch almost 13 million sq ft. Out of this 11 million sq ft will be residential with a gross development value of Rs 11,000 crore. About 6.5 million sq ft launches are planned before the end of this financial year.
Brigade Group has an active pipeline of 0.5 million sq ft of office space in Bengaluru and Chennai.
Atul Goyal, chief financial officer, BEL said, “Our average cost of debt has been contained at 8.72%, an increase of 107 bps though the repo rate has increased by 250 bps. Gross debt of the entity stood at Rs 4,097 crores. The cash and cash equivalent was Rs 1,570 crore as on 30th September 30, 2023.”
The company’s net debt outstanding was Rs 2,527 crore, out of which BEL’s share was Rs 1,592 crore. Almost 77% of the debt pertains to the commercial portion, which is cut by rental income. Debt equity ratio stood at 0.63 as on September 30, 2023.