Brigade Enterprises shares extend gains to eighth straight day; what is driving the gains in this realty stock?

Brigade Enterprises shares gained as much as 2.6 per cent to Rs 888 apiece on BSE, continuing to rise for an eighth straight session.

Brigade Enterprises is property developer headquartered in Bengaluru. | Representational image | Image credit: Unsplash

Brigade Enterprises shares rose on Friday after the property developer group signed a 10-year agreement to lease 54,300 square feet of office space, at Brigade Deccan Heights in Northwest Bangalore, to engineering design company Sidvin Core-Tech India. The stock of Bengaluru-headquartered Brigade Enterprises gained by as much as Rs 22.7, or 2.6 per cent, to Rs 888 apiece on BSE, on track to close higher for the eighth session in a row.

In a regulatory filing post-market hours on Thursday, the company said Brigade Deccan Heights is strategically located in Yeshwanthpur on the outer ring road in Northwest Bengaluru and spans 2.2 acres with a development area of 4.3 lakh square feet.

Deccan Heights is connected to the central business district via a six-lane elevated expressway and is well-linked with an operational Metro line and local transport, Brigade Enterprises said.

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“Northwest Bengaluru is fast becoming a much sought-after area for commercial Grade A office establishments. The region is growing at a phenomenal pace and is emerging as a significant Micro market in the city. Our agreement with Sidvin Core-Tech is a testament to the significant potential of the area," said Nirupa Shankar, Joint Managing Director at Brigade Enterprises.

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