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Brigade Ent inks joint development agreement for an office space in Bengaluru

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Brigade Enterprises said that it has signed a joint development agreement (JDA) with United Oxygen Company to develop a ‘Grade A’ office space on ITPL Road, Whitefield in East Bengaluru.

The project will have a leasable area of 3.0 lakh square feet, and a gross development value (GDV) of around Rs 340 crore.

Nirupa Shankar, joint managing director, Brigade Enterprises, said: Bengaluru continues to be the most favoured office leasing market, and demand continues to improve in the Whitefield micro market.

Given this propertys prime location, metro connectivity and the propertys innovative and sustainable design at the forefront, we are confident that this project will perfectly align with the growing need of an ideal solution for professionals seeking top tier work facilities.

Further, the sustained momentum in leasing inquiries, and an active pipeline will continue to contribute to our robust leasing performance.

Brigade Enterprises is one of Indias leading property developers. The company has developed properties in cities like Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru with developments across residential, office, retail and hotels.

The company reported 31% rise in consolidated net profit to Rs 55.8 crore on a 41% increase in revenue to Rs 1,208.2 crore in Q3 FY24 as compared with Q3 FY23.

The scrip added 0.69% to currently trade at Rs 949.65 on the BSE.

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First Published: Apr 04 2024 | 11:18 AM IST



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