In a significant turnaround, the Brigade Group, a prominent real estate developer in India, reported a remarkable net profit of ₹63 crore for the quarter ending March 2023, compared to a loss of ₹11.63 crore during the same period the previous year. Managing Director Pavitra Shankar shared valuable insights in an exclusive interview with businessline.

Addressing the company’s geographical focus, Pavitra Shankar emphasized their commitment to local markets, including Chennai, Chikmagalur, Hyderabad, Kochi, Bengaluru, Mangalore, and Mysore. The strategic decision to concentrate on these specific regions is based on the dynamics of the IT sector and the prevalence of white-collar jobs, aligning with their target demographic.

Touching upon regional trends, Shankar pointed out the rising demand for office spaces in Hyderabad, which has emerged as a strong contender to Bangalore. The government’s proactive approach in developing infrastructure has contributed to this growth story, making Hyderabad an appealing market for investors.

Regarding their expansion plans, the group is open to collaborating with PE funds and investors, particularly for capital-intensive commercial properties like offices, retail, and hospitality. The recent success of their hotel portfolio has positioned them well to seek partnerships and expertise for further growth.

Addressing concerns raised by notable figures like Elon Musk and Robert Kiyosaki about a commercial real estate market meltdown, Shankar remained optimistic about the Indian market. She acknowledged potential changes but reassured that India’s real estate landscape, particularly the commercial segment, is on a different trajectory compared to Western markets. With a focus on upgrading spaces and improving tenant experiences, the Brigade Group remains confident in the resilience and potential of the Indian real estate sector.

Read the full interview here

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