Brigade Enterprises Shares Gain on Land Acquisition
Brigade Enterprises’ share price rose 1 percent in early trade on September 18 after a subsidiary acquired over 5 acres of land in Bengaluru.
The company plans to develop a residential project on the land with an overall development of nearly 1 million square feet and an overall revenue potential of around Rs 800 crore.
This is the second major land acquisition by Brigade Enterprises in recent months. In August, the company acquired 6.54 acres of land in Chennai for Rs 138 crore.
The company’s aggressive expansion plans are seen as a positive sign for the Indian real estate market, which is recovering from the COVID-19 pandemic.
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