Development potential of 1.2 mn sq ft residential property valued at INR 1,100 crore
Bengaluru 06 July 2024: Knight Frank India, a leading international real estate consultancy, has successfully facilitated a Joint Development Agreement (JDA) for a land parcel of approximately 8 acres located in the West Bengaluru micro-market. Knight Frank represented Brigade Enterprise Limited (BEL), which is considering this land for residential development project of up to 1.2 million square feet. The land is strategically located, benefiting from both transit and social infrastructure, with projected sales of INR 1,100 crore.
Commenting on this, Ms. Pavithra Shankar, Managing Director of Brigade Enterprise Limited, said, “This project will be significant for the West Bengaluru micro market, and we thank the team at Knight Frank for their diligent approach that helped close this important transaction. West Bengaluru is increasingly being favoured for real estate developments owing to the strong physical infrastructure, excellent connectivity, demand for Grade A office spaces and a good residential catchment. The project is in addition to our planned pipeline of over 12 million square feet of residential developments across Bengaluru, Chennai and Hyderabad, in the coming year. Furthermore, it aligns with our strategic vision to expand our presence in key growth corridors of Bangalore and our commitment to provide unparalleled living experiences to our home buyers.”
Shishir Baijal, Chairman and Managing Director of Knight Frank India, remarked on the development, stating, “We congratulate the Brigade Group on this exciting project, which marks yet another milestone for the city of Bengaluru. Brigade is one of the most respected real estate developers, known for revolutionizing the sector with state-of-the-art projects across the city. This development, once completed, has the potential to redefine the West Bengaluru micro-market. We eagerly anticipate the transformation of the skyline in this area.”
Bengaluru residential market has seen a strong demand trend in the last few quarters which has steadily moved towards the higher – end. Bengaluru’s residential market sales volume in H1 2024 was recorded at 27,404 while new launches reached 25,567 units. The weighted average price of residential units rose by 9% to INR 6,163/ sq ft. Additionally, Bengaluru registered an office transaction volume of 8.4 million square feet, the highest among India’s top eight cities, with a year-on-year growth of 21%. Nagasandra is near key industrial areas – Peenya and Yeshwantpur and is well connected by a 30 kms long metro line connecting Silk Board in South Bengaluru. The location will also get a boost as it will be in vicinity to the peripheral ring road which passes through Yeshwantpur.
Gaurav Lal, Executive Director, Strategic Initiatives and the lead transaction manager from Knight Frank India commented, “The Bengaluru West micro-market, historically the city’s industrial cluster, has evolved into a prime location for IT occupiers. This transformation is driven by the availability of Grade A office spaces and excellent connectivity to other micro-markets and infrastructure corridors within the city. The region’s connectivity to the National Highway, easy access to the international airport in the north, an operational metro line, and continuously developing social infrastructure make it an attractive choice for end-use apartment owners and a promising investment destination for the future.”