Bangalore-based property developer, Brigade Group, targets total revenue of Rs 3,000 crore from its integrated development, Brigade Orchards, in Bangalore.
"The project is estimated to cost around Rs 2,000 crore, including the land cost of Rs 350 crore. We have fully paid up for the land, and the project would come up in phases," says Kailash Advani, Chief Executive Officer, BCV Developers.
BCV is a special purpose vehicle between Brigade and Classic Valmart.
The SPV is developing a 120 acre mixed used project, expected to be completed in the next five years. "The project will be funded through internal accruals, construction finance and equity infusion from private equity funds. Each party can dilute up to 24% in it," said Advani.
The project will comprise of luxury villas, value homes, premium apartments starting from sub Rs 10 lakh to Rs 3 crore totalling to 3,500 and 4,500 residential units.
Brigade, currently has 2 enclaves, 12 residential and 2 hospitality properties totalling to 13.84 million sft under development across South. It has total land bank of 400 acres spread across seven cities. Out of the total land, 58% is in Bangalore, Mysore and Chikmagalur account for 18% and 12%, respectively
The company's stock closed down by 4.24% on BSE on Friday.
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