The Hindu – Hyderabad
Brigade Group has launched a residential project on 11.8 acres in Moti Nagar in the city.
This will be the second project in Hyderabad of the Bengaluru-based property developer. It will be investing ₹1,100 crore on Brigade Citadel, the project, which includes the cost of land.
Comprising over 1,300 two and three BHK apartments, with their prices starting from ₹75 lakh and ₹99 lakh respectively, the project is expected to be completed by December 2025. In terms of total builtup area, the project will have 2 million sq ft.
Speaking to media on Tuesday, CEO-Residential of Brigade Enterprises Rajendra Joshi said sale of residential units had shown a steady rise in the last six months. “We are expecting this trend to continue in 2021. The launch of Brigade Citadel is in a sense Brigade Group’s re-entry into Hyderabad. This will be our second offering after Brigade at No.7, Banjara Hills,” he said. To queries on residential sales, Mr.Joshi said post the pandemic, the sales have picked up better than expectations of most developers. Southern cities, especially Hyderabad, Bengaluru and Chennai were leading the revival, followed by the National Capital Region. The market is consolidating towards larger developers, he said.
Rising input costs, however, is a cause of concern for the builders. “Yes, there is a cost pressure currently because of steel and cement [prices increasing] which constitute the bulk of our cost,” he said. Steel prices have gone up around 30, while cement and labour cost have also increased, he said, estimating the upward trend to continue for next 3-4 months.
Publisher: www.thehindu.com Source link (image from source link)