Hot Pursuit     20-Jun-24
Brigade Ent spurts on plan to develop 3rd WTC tower at Infopark Kochi
Brigade Enterprises rallied 3.36% to Rs 1,363.40 after the company announced that it has signed a land lease agreement to develop a third World Trade Center (WTC) tower at Infopark Kochi.

The project, which will cost Rs 150 crore will be developed by Brigade Group. The new tower will be 16 storeys high with a car-park of six decks; it will come up on the non-SEZ plot with a built-up space of 2.6 lakh square feet. This new tower of WTC will generate around 2,700 direct jobs and the project is expected to complete in three years, added the firm.

Brigade Group is the license owner of six WTCs in South India, Bengaluru, Chennai, Kochi, Hyderabad, Trivandrum and Devanahalli. Over the last 38 years, the Brigade Group has completed around 300 buildings and 90 mn sqft across its diverse portfolio.

M R Jaishankar, executive chairman, Brigade Enterprises, said, “We already have two WTC towers completed with a combined built-up area of 7.7 lakh sq.ft, and the office spaces are completely occupied. The A and B blocks of WTC, with grade A specification and LEED gold certification, house 37 companies and 8,000 employees in total. Brigade is keen to expand in Kerala and we will continue to look for viable land parcels.”

Brigade Group is the license owner of six WTCs in South India - Bengaluru, Chennai, Kochi, Hyderabad, Trivandrum and Devanahalli. Over the last 38 years, the Brigade Group has completed around 300 buildings and 90 mn sqft across its diverse portfolio.

Brigade Enterprises is one of India’s leading property developers. The company has developed properties in cities like Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru with developments across residential, office, retail and hotels.

The company reported consolidated net profit of Rs 206.09 crore in Q4 FY24, steeply higher than Rs 69.25 crore reported in Q4 FY23. Revenue from operation surged 102.04% to Rs 1,702.37 crore in Q4 FY24 as compared to Rs 842.57 crore recorded in the corresponding quarter previous year.

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