Brigade Group, a prominent Bengaluru-based real estate developer, has recently acquired a 9.71-acre land parcel in Hyderabad for a total of INR 660.28 crore. This strategic purchase was secured through a successful bid in an e-auction facilitated by the Hyderabad Metropolitan Development Authority (HMDA) in August. The land is located in the Neopolis area of Kokapet, Hyderabad, and was procured at a rate of INR 68 crore per acre.
In an official regulatory filing made on October 16, Brigade Group stated that they had executed the sale deed and completed the registration process for this valuable land parcel. However, the company has not disclosed specific details regarding the intended development project for this newly acquired property.
This acquisition follows Brigade Enterprises' earlier move in August, when they purchased a 6.54-acre land parcel in Chennai from Pfizer Healthcare India for approximately INR 139 crore, with plans to develop a residential project.
Brigade Group has a significant track record of successful projects, encompassing residential, commercial (office and retail), and hotel developments in various South Indian cities, including Bengaluru, Mysuru, Hyderabad, Chennai, and Kochi. The real estate industry, particularly major publicly listed players like Brigade Group, is actively acquiring land to expand their operations, responding to the robust resurgence in housing demand post-pandemic. These acquisitions involve both outright land purchases and partnerships with landowners through Joint Development Agreements (JDAs), which can entail revenue or profit-sharing arrangements, as well as the allocation of development areas.
To summarise, Brigade Group's recent acquisition of the 9.71-acre land parcel in Hyderabad is a significant move in their expansion strategy, signaling their continued commitment to real estate development in the South Indian market.
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