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Brigade Group: From Loss to Profit and Growth

Posted by Pal on July 20, 2023

Brigade Group reports stellar profit, eyes expansion in the Indian real estate market.

The Brigade Group, one of India’s leading real estate developers, has announced a remarkable turnaround in its financial performance. It reported a net profit of ₹63 crore for the quarter ending March 2023. In contrast, it lost ₹11.63 crore during the same period the previous year. The company attributed this success to its strong focus on quality, innovation, and customer satisfaction.

Managing Director Pavitra Shankar shared valuable insights into the company’s strategy, vision, and plans in an exclusive interview with the business line. Firstly, she reveals that the company is committed to its local markets. These include Chennai, Chikmagalur, Hyderabad, Kochi, Bengaluru, Mangalore, and Mysore. The company has established a strong presence and reputation in these regions. Secondly, she explained that these regions offer a conducive environment for the company’s target segment. The IT sector and white-collar jobs drive this segment.

Additionally, Shankar also highlighted the regional trends shaping India’s real estate market. She pointed out that Hyderabad has emerged as a strong contender to Bangalore in terms of demand for office spaces. This is thanks to the government’s proactive approach to developing infrastructure and attracting investments. Consequently, she said the company is bullish on Hyderabad and has several projects in the pipeline.

Moreover, Shankar said the company is open to collaborating with PE funds and investors. This is mainly for capital-intensive commercial properties like offices, retail, and hospitality. She said the company has a proven track record of delivering successful projects in these segments. For instance, its hotel portfolio has won several awards and accolades. She added that the company is always looking for partnerships and expertise that can add value to its offerings.

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Furthermore, Shankar addressed the concerns of experts like Elon Musk and Robert Kiyosaki about a possible commercial real estate market meltdown. Pavitra Shankar said that she respects their views but disagrees with them. Additionally, she argued that India’s real estate landscape is on a different trajectory than Western markets. Shankar said there is still much potential and opportunity in the Indian market. She stated that the company is ready to face any changes and challenges that may come up. She said it focuses on upgrading its spaces and improving its tenant experiences.

The Brigade Group is one of India’s leading real estate developers with over three decades of experience. It has a diversified portfolio of residential, commercial, retail, hospitality, and education projects across seven cities in India. It is known for its innovation, quality, and customer-centricity.

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