Brigade Enterprises reports record-breaking performance in FY24
Brigade Enterprises Limited has announced its highest ever presales and real estate sales volumes for the financial year ending March 31, 2024. The company reported presales of INR 6,013 Cr for FY24 and INR 2,243 Cr for Q4 FY24, with real estate sales volumes reaching 7.55 million square feet in FY24 and 2.72 million square feet in the fourth quarter. The average realisation for FY24 saw a significant increase of 23% over the previous year.
Brigade’s operational performance was exceptional across all its business segments. The group’s collections stood at INR 5,915 Cr for FY24, compared to INR 5,424 Cr in FY23. In the leasing sector, the company achieved a 14% year-on-year growth, leasing an additional 1 million square feet over the previous year and reaching a 97% occupancy rate. The incremental leasing in Q4 FY24 was 0.20 million square feet.
In the hospitality vertical, average occupancy rates grew to 72%, a 3 percentage point increase, while the average room rate (ARR) grew by 8% to around INR 6,480 in FY24. The company also launched 5.26 million square feet in the residential sector and 0.94 million square feet in the commercial sector during the year.
Brigade Enterprises Limited achieved record-breaking presales and growth in FY24, driving success across its diverse business segments
Pavitra Shankar, Managing Director of Brigade Enterprises Limited, expressed optimism about the company’s future, noting the residential sector’s robust sales growth. “This year, we have been able to achieve our best ever operational performance, and we aim to leverage this performance in FY25. Our outlook is optimistic, as we believe demand for residential space will continue to be strong,” Shankar said. The company is also focusing on land acquisitions and adding high-quality assets to its land bank, with an aggressive expansion strategy in place.
Brigade Group has a substantial pipeline of new launches planned, with approximately 12.61 million square feet in the residential sector, 6.33 million square feet in commercial, and 1.06 million square feet in hospitality, poised to fuel future growth and expansion.
Established in 1986, Brigade Enterprises Ltd. is a leading property developer in India, known for its significant contributions to the urban landscapes of several cities including Bengaluru, Chennai, Hyderabad, and more. With nearly four decades of experience, Brigade continues to create landmark buildings and foster positive experiences for all stakeholders.
The impressive performance of Brigade Enterprises Limited in FY24 underscores its strong position in the real estate market and its effective growth strategy. The record-breaking presales and robust growth in all verticals reflect the company’s ability to adapt and thrive in a dynamic market environment. The strategic focus on expanding the leasing and hospitality sectors, alongside a strong pipeline of new launches, positions Brigade well for sustained growth.