India-based real estate and property development company Brigade Enterprises has signed a joint development agreement (JDA) for a housing project in Bengaluru, Karnataka, India.
The JDA has been signed with landowners, Krishna Priya Estates and Micro Labs, for the nearly two million square feet of residential development.
The project is estimated to have a gross development value of Rs21bn ($252.33m).
Brigade Group announced that the JDA will further bolster its residential portfolio in the city.
The project will spread across an area of 14 acres at Yelahanka in North Bengaluru.
Brigade Enterprises managing director Pavitra Shankar said: "We are extremely happy to develop one of the most sought-after properties in Bengaluru today. We will create a wonderful residential development worthy of the marquee location. We anticipate the project to yield a revenue realisation of Rs21bn on completion.
“This project will be designed and executed keeping in mind customer preferences for quality and sustainability."
Brigade Enterprises has a pipeline of projects covering approximately 13 million square feet of area in Bengaluru, Hyderabad, and Chennai, of which 11 million square feet consist of residential projects. They are set to launch in 2024.
Earlier in September, the International Finance Corporation, a World Bank member, partnered with India-based real estate company Sunteck Realty to create housing developments in Maharashtra in the country.
