Brigade Group, a publicly traded real estate developer, has entered into an agreement to develop a residential project on Whitefield-Hoskote Road with an estimated development potential of ₹2,700 crore, as published by Hindustan Times, the company announced on Jan. 3.
The project, spanning 20 acres, will feature a total saleable area of approximately 2.5 million square feet. The land acquisition, facilitated through the developer’s subsidiary, Ananthay Properties Pvt. Ltd., is valued at ₹630 crore.
Pavitra Shankar, managing director of Brigade Enterprises Ltd., highlighted the strategic importance of the project.
“We remain focused on acquiring prime land in key markets to strengthen our land holdings.
“This project aligns with our long-term residential expansion strategy, and we are committed to delivering a property that reflects the highest standards of quality and sustainability while catering to the evolving preferences of future residents,” Shankar said.
In August 2024, Brigade announced plans for a ₹750-crore commercial development on Old Airport Road in Bengaluru. This project includes 1.4 million square feet of leasable area, expected to generate ₹100 crore annually in lease income.
Earlier, in June 2024, the group launched Brigade Insignia, a premium residential project in Yelahanka, Bengaluru, with a revenue potential of ₹1,100 crore. The 6-acre project comprises six towers housing 379 units, offering 3-, 4-, and 5-bedroom apartments.
Brigade currently has a robust pipeline of residential projects totaling 12.61 million square feet across Bengaluru, Chennai, and Hyderabad.
Whitefield remains a sought-after location, driven by demand from the IT workforce. Over the past two years, rental rates in Whitefield and Sarjapura have surged by 20-25%, prompting some residents to move to more affordable outskirts.
In neighborhoods like Glenwood Layout and Varthur Road, proximity to the IT corridor has maintained strong housing demand. Typical rents for a 2-bedroom apartment in the outskirts of Whitefield hover around ₹25,000 per month, with security deposits ranging from six to nine months. In Sarjapura, similar units are available for ₹20,000 per month. Experts predict these areas could see a 10-20% appreciation in rental values by 2025.
Despite its growth, Whitefield faces challenges, including water shortages in 2023-24 due to rapid urbanization. Several gated communities experienced restricted water supply during this period. Traffic congestion remains another issue, particularly near the IT corridor.
However, the newly operational Namma Metro has alleviated some of the area’s traffic woes, offering residents improved connectivity and reducing bottlenecks.
Brigade Group’s latest project aims to balance these challenges by integrating sustainable practices and modern infrastructure, catering to the dynamic needs of Bengaluru’s real estate market.