Brigade Group reports best ever performance in FY24

Brigade Enterprises Limited has recorded highest ever presales for the year ended March 31, 2024.

The company has achieved record presales of Rs 6,013 crore in FY24 and Rs 2,243 crore in Q4 FY24, the highest ever for both a quarter and a financial year.

Furthermore, the company has recorded real estate

sales volumes of 7.55 million square feet in FY24 and 2.72 million square feet in Q4 FY24, with an average realization for FY24 increasing by 23% over FY23. The group has collected Rs 5,915 crore in FY24, up from Rs 5,424 crore in FY23.

“The residential business continued to drive sales growth, with all other verticals of the company contributing significantly and finishing strong in the financial year. This year, we have been able to achieve our best ever operational performance, and we aim to leverage this performance in FY25. Our outlook is optimistic, as we believe demand for residential space will continue to be strong,” said Pavitra Shankar, Managing Director, Brigade Enterprises Limited said.

Under the operational leasing portfolio, leasing grew by 14 % y-o-y with 1 mn sft of additional area leased over FY23, achieving 97% occupancy in the overall portfolio. Incremental leasing of 0.20 mn sqft. in the leasing portfolio in Q4 FY24.

In the hospitality vertical, average occupancy stood at 72% (grown 3 percentage points) and ARR stood at around Rs 6,480 which recorded around 8% growth in FY 24.

“Our leasing efforts gained momentum and healthy growth in ARR in our hospitality vertical as well. We are aggressively pursuing land acquisition opportunities in our target markets and continue to add high quality assets to our land bank,” she said.

In FY 24, the firm launched 5.26 mn sqft. in the residential vertical and 0.94 mn sqft. in the commercial vertical. Brigade Group has a pipeline of new launches of around 12.61 mn sq ft in residential, 6.33 mn sqft in commercial and 1.06 mn sq ft in hospitality.

The firm has presence across Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru with developments across reisdneitla, office, retail and hotels assets.