New Delhi: Aiming big for the lease rental business, Bengaluru-based real estate firm Brigade Group plans to double the area under lease to about 6 million sq ft in the current fiscal from around 3 million sq ft currently it had at the end of last financial year.
“The lease rental business segment will scale up in terms of area and revenue in the next couple of years. Our aim is to lease additional area of 3 mn. plus (more than 3 million sq ft) in the financial year 2019-20”, the company said in its annual report for 2018-19.
The overall leasable area of the company during the fiscal 2018-19 stood at 3.29 million sq ft out of which 2.54 million sq ft was leased out. In addition to that, the firm leased out around 0.6 million sq ft in its Brigade Tech Gardens project in Bengaluru and WTC project in Chennai that are under construction.
In 2018-19 itself, the realty firm leased out 1.2 million sq ft of new office space. This is likely to yield additional rental of Rs 90 crore.
The company also plans to expand its retail asset portfolio. Its retail portfolio at the end of 2018-19 was 1.02 million sq ft and the company plans to increase it by 0.27 million sq ft in the current fiscal. It will add Orion Uptown in Bengaluru which is the retail extension of ‘Brigade Golden Triangle’, an integrated mixed–use project in the IT Capital of the country.