Brigade to focus on residential, commercial, hospitality property

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Chennai, Dec 7 (UNI) Brigade Enterprises Limited, a Bangalore-based real estate company, has drawn out plans to develop four integrated lifestyle enclaves, 16 residential properties, nine commercial properties and five hospitality properties in the coming years.

Addressing a press conference here in connection with the company's entry into the capital market, its Chairman and Managing Director M R Jaishankar said the company proposed to develop 23.14 million sqft of saleable area and about 30.32 million sqft of developable area.

Till November, the company had completed 67 properties, comprising 41 residential properties, 21 commercial properties and five hospitality properties, aggregating about 5.67 million sqft of saleable area and 6.74 million sqft of developable area, he said.

The integrated lifestyle enclaves were conceptualised as self contained, gated communities, which generally included a combination of apartment complexes, commercial and retail space, recreational clubs, parks, schools and convention centres, he said.

The commercial properties included commercial office space, software and IT parks, schools, hospitals and retail malls with entertainement facilities like multiplexes, Mr Jaishankar said.

He said the company would enter the capital market with an initial public offering of 16,624,720 equity shares of Rs ten each for cash at a price to be decided through the 100 per cent book building process. The issue would open for subscription on December ten and close on December 13. The price band had been fixed between Rs 351 and Rs 390 per equity share.

UNI

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