Brigade Enterprises Limited, headquartered in Bengaluru, reported a remarkable surge in its annual sale bookings, witnessing a nearly 46% increase to reach ₹6,013 crore in FY24. This surge was driven by heightened demand in the housing sector.
Compared to the ₹4,109 crore recorded in the fiscal year 2022-23, the company’s sale bookings soared to ₹6,013 crore in FY24. Brigade Enterprises also highlighted achieving pre-sales of ₹6,013 crore for FY24, along with ₹2,243 crore in the fourth quarter alone, marking the highest figures both quarterly and annually.
Furthermore, the company accomplished real estate sales volumes of 7.55 million sq ft in FY24, with 2.72 million sq ft sold in Q4 FY24. The average realization for FY24 witnessed a significant 23% increase over FY23. Collections across the group for FY24 amounted to ₹5,915 crore, compared to ₹5,424 crore in FY23.
In its operational leasing portfolio, Brigade Enterprises experienced a 14% year-on-year growth with an additional 1 million sq ft leased area over FY23. The overall portfolio achieved a 97% occupancy rate, with an additional 0.20 million sq ft leased in Q4 FY24.
The hospitality vertical saw an average occupancy of 72% and an Average Room Rate (ARR) of approximately ₹6,480, marking an 8% growth in FY24.
During FY24, Brigade Enterprises launched 5.26 million sq ft in the residential space and 0.94 million sq ft in the commercial sector.
Pavitra Shankar, Managing Director of Brigade Enterprises Limited, expressed satisfaction with the company’s performance, highlighting the residential segment as the primary driver of sales growth. Shankar also emphasized the strong contributions from other verticals and the company’s best-ever operational performance in FY24.
Looking ahead, Shankar affirmed the company’s commitment to leveraging its strong performance in FY25. Brigade Group boasts a robust pipeline of new launches, including approximately 12.61 million sq ft in residential projects, 6.33 million sq ft in commercial developments, and 1.06 million sq ft in the hospitality sector.
Established in 1986, Brigade Enterprises Ltd has established a presence across various cities, including Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangalore, and Chikkamagaluru. The company is engaged in developing residential, office, retail, and hotel projects.