Real estate developer Brigade Group is looking to launch new projects, including hospitality developments, in the next nine to 12 months. In all, the company hopes to develop 10 million sq. ft. at a total investment of Rs 1,500 crore, said Mr M.R. Jaishankar, Chairman and Managing Director, Brigade Group.
For this, the company hopes to raise about Rs 1,000 crore through private equity, debt or a combination of the two.
“We are evaluating options,” said Mr Anil Kumar, Chief Financial Officer, Brigade Group. It is also looking at the special purpose vehicle-level funding for projects, he added. Brigade Group has opened its Mercure Homestead Residences, which will be managed by the Accor Group.
The 126-residence apartment has seen an investment of Rs 90-100 crore, according to him. The rack rate for a studio apartment would be Rs 11,500 a night, but the special opening rate would be Rs 6,500 a night. The average room size is 750-800 sq. ft.
Mr Vineet Verma, Chief Executive Officer, Brigade Hospitality Services, the hospitality arm of Brigade Group, said the company’s five-star hotel project with the Sheraton Group would be operational by 2010.
There are also two more projects — Holiday Inn with the InterContinental Group at Devanahalli at an investment of Rs 125 crore, and another with the Sheraton Group in Mysore at Rs 175 crore (both excluding investment into land) — that would be opened in 2012.
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