Brigade pays Rs 660 crore for land in Hyderabad.

19 Oct 2023 , 12:40 PM

Brigade Enterprises, a real estate developer, has completed the purchase of a 9.72-acre land parcel in Hyderabad; the deal was valued at approximately Rs 660 crore. The transaction took place against the backdrop of an August deal in which the Hyderabad Metropolitan Development Authority held an electronic auction to sell the company land in the Neopolis area for Rs 68 crore per acre.

In a regulatory filing, Brigade Enterprises attested to the execution of the sales deed, but it withheld information regarding the intended use or objective of the purchased land.

The company has purposefully spent Rs 1,300 crore in land acquisitions throughout southern India over the last year, with a particular emphasis on growing its market share in the residential real estate market.

In addition, the developer recently paid over Rs 139 crore for a 6.54-acre land plot from Pfizer Healthcare India and over Rs 500 crore for a second property plot from a TVS Group subsidiary in Chennai’s Mount Road neighbourhood.

In major real estate markets like Mumbai, Pune, Chennai, Hyderabad, and Bengaluru, there is a surge in land transactions, including joint ventures and outright purchases. Developers are being encouraged to propose residential buildings on their land parcels, both newly acquired and those that are part of their land banks, by the current upswing in the housing market, according to Sankey Prasad, MD of Colliers India.

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