Also Read: Expect 60% rise in FY14 revenue on rising demand: Brigade
In an interview to CNBC-TV18 Kris said that this joint venture comprises of about 9.3 acres of land in Whitefield and capable of developing around 1.6 million square feet. He added that the ticket size of the launch is between Rs 85 lakh to Rs 1.2 crore.
Below is the verbatim transcript of Suresh Kris' interview on CNBC-TV18.
Q: How is the Bangalore market doing because recently we have seen stocks of Bangalore based real estate companies do quite well? Over the last six month, what has been the trend because overall we have seen quite a bit of inventory build-up in the industry? What has been the trend in Bangalore?
A: The whole industry is maybe like that, but as far as Bangalore is concerned the sales are good and as far as Brigade Enterprises is concerned the sales between two quarters that is Q1 and Q2 for this financial year are similar in nature but with increased realisation in sales.
Q: What has been the increased realisation?
A: Between two quarters it would be around 10 percent.
Q: You launched new project recently. Could you tell us about that and what is your target revenue from this launch?
A: This is a joint venture between Government of Singapore Investment Corporation (GIC) and Brigade Enterprises. This is about 9.3 acres of land in Whitefield, capable of developing around 1.6 million square feet and the ticket size of the launch demand is between Rs 85 lakh to Rs 1.2 crore. The phase one is launched, which is about 435 units, approximately 831,000 square feet and our reception for this launch is very good so far.
Q: What is the revenue that you are expecting from this project in FY14-15-16? Have you charted out how much this project could contribute?
A: Overall, we are expecting about Rs 1,000 crore from this project.
Q: Only for Brigade or a combination of GIC and Brigade?
A: We are talking about combination of Brigade and GIC. This is for the entire project and our share is 51 percent and GIC is 49 percent.
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