Brigade Tetrarch, a wholly owned subsidiary of Brigade Enterprises, has entered into a sale deed with Bangalore Ceramics for acquiring 5 acres 35.25 guntas of land parcel located at Venkatala Village, Yelahanka Hobli, Bangalore North Taluk, Bangalore for an overall consideration of Rs 123,50,62,500.

"We will be developing a residential project on this land parcel with an overall development of nearly one million square feet with an overall revenue potential of around Rs 800 crore,” the company said in a statement.

Brigade Enterprises is the flagship company of the Brigade group and is one of the largest real estate players in South India. Till date, it has developed over 300 lakh sq. ft, 80% of which has been in the residential segment. Though it mainly focuses on the Bengaluru market, Chennai is emerging as the second large market for the entity. The group has developed projects in Mysuru, Cochin, Chennai, Hyderabad, and Ahmedabad.

The company reported 56.1% decline in consolidated net profit to Rs 38.53 crore on 27.5% decrease in net sales to Rs 653.97 crore in Q1 FY24 over Q1 FY23.