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Brigade Group enters into JDA with Krishna Priya Estates and Micro Labs

Brigade Group has signed a joint development agreement (JDA) with Krishna Priya Estates and Micro Labs to develop residential housing spread over 14 acres in Bengaluru.

The upcoming property is located in Yelahanka in North Bengaluru and has a development potential of 2 mn sqft.

“We anticipate the project to yield a revenue realization of Rs 2,100 crores on completion. This project will be designed and executed keeping in mind customer preferences for quality and sustainability,” said Pavitra Shankar, Managing Director, Brigade Enterprises Limited.

Bengaluru-based Micro Labs is a pharmaceutical formulations and active pharmaceutical ingredients (API) manufacturer as well as distributor. Its paracetamol brand Dolo 650 is the most prescribed brand in the country.

Brigade Group has a strong pipeline of around 13mn sq ft of projects over the next year, in Bengaluru, Hyderabad, and Chennai, of which 11 million square feet is from residential projects.

The company’s new bookings in the real estate segment in Q2 FY 24 is 1.67 mn sft valued at Rs 1,249 crore. The collections for Q2 FY24 stood at Rs 1,439 crore, an increase of 15%.Brigade Group reported a significant jump in net profit and sales for the second quarter of FY24, with all business segments seeing high growth. The company reported total revenue of Rs 1,408 crore, a 54% jump in the second quarter of FY24 as compared to the same period last year, while the net profit more than doubled at Rs 134 crore in Q2 FY24.

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