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Real estate heavyweight Brigade Group, along with Krishna Priya Estates and Micro Labs have set forth on a joint development agreement (JDA) to develop over 14 acres of land in Yelahanka in Bengaluru. The projected revenue for the project is an estimated Rs 2,000 crores. The project will dedicate roughly two million sq ft to residential housing. In the course of the second quarter of the fiscal year 2024, Brigade group successfully acquired approximately 42 acres of land across key locations like Bengaluru, Hyderabad, and Chennai. This acquisition strategically positions the company with a remarkable development potential of 7 million sq ft and a gross development value (GDV) of Rs. 7,700 crore. The company plans a launch of nearly 13 million sq ft in the next four quarters. With a significant portion—around 11 million sq ft—dedicated to residential spaces, the gross development value is estimated to be Rs. 11,000 crore. It is aiming to launch about 6.5 million sq ft before the end of this fiscal year, signalling an aggressive growth strategy. Within its real estate portfolio, Brigade Group maintains an active pipeline of 0.5 million sq ft of office space in key markets such as Bengaluru and Chennai. Atul Goyal, the chief financial officer of Brigade Enterprises Ltd (BEL), emphasised the company's effective management of its average cost of debt, currently standing at 8.72%. Despite a 250 bps increase in the repo rate, the average cost of debt has seen a controlled rise of 107 bps. As of September 30, 2023, the company's gross debt amounted to Rs. 4,097 crores, while its cash and cash equivalents stood at Rs. 1,570 crores. Brigade Group’s net outstanding debt stood at Rs. 2,527 crores, of which BEL's share accounted for Rs. 1,592 crores. Notably, 77% of this debt corresponds to the commercial segment, offset by rental income. The company maintains a healthy debt-equity ratio of 0.63 as of September 30, 2023. In conclusion, Brigade Group's strategic collaborations, substantial land acquisitions, and future development plans signify a robust growth trajectory. The company's effective financial management, coupled with its ambitious project pipeline, demonstrates a clear commitment to sustained progress and expansion within the real estate domain
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