NEW DELHI: Realty firm Brigade Enterprises has bought a 9.71-acre land parcel in Hyderabad for Rs 660 crore to expand its business.
The company said it successfully bid in an e-auction conducted by Hyderabad Metropolitan Development Authority (HMDA) in August. The land is situated in Neopolis, Kokapet and Hyderabad, and was acquired at a rate of Rs 68 crore per acre.
Bengaluru-based Brigade Enterprises, in a regulatory filing on Monday, said it has “executed the sale deed and registered in its name.” The company did not share details about what project it would develop on this land parcel.
In August, Brigade Enterprises acquired a 6.54-acre land parcel in Chennai from Pfizer Healthcare India for nearly Rs 139 crore to develop a residential project. Brigade Enterprises has developed many residential, commercial (office and retail) and hotel projects in various South Indian cities, including Bengaluru, Mysuru, Hyderabad, Chennai, and Kochi. Real estate developers, especially large listed players, are acquiring land in a big way to expand their businesses amid a sharp revival in housing demand post-pandemic.
Realtors are buying land outright and also forming partnership with landowners to develop projects. In Joint Development Agreements (JDAs) with landowners, builders have different arrangements, like sharing of revenue or profit or area.