Brigade Group has 12 projects in pipeline which they hope to start by the end of the year. On the other hand Brigade Metropolis & Brigade Gateway booking started 5 yrs back and the constructions is still in progress. Jaishankar should make every effort to fulfill his commitments to existing customers before creating a "mouse trap" for new customers.
Where is the 15% price cut?
I verified on the ongoing price after the news and it's still selling at 2900 Rs/sq ft which was same as before. 10-15% price cut means cut of around 290-435 Rs/sq ft - Has anyone bought from Brigade around 2465 - 2610 Rs/sq ft in year 2009? There used to be price list on the website but now it has been removed and instead of that it has numbers of marketing executives. At least I expected some transparency on pricing front. Interested Bloggers, Competitors, Media, Existing Customers will anyhow track and find the ongoing price but putting price list off from the site will certainly help you in loosing few customers. If I'm doing a research for buying an apartment where is the time to send an email to each of the builders and get the price quote?
Any builder not publishing the price list on the site are loosing customers, increasing the cost of their customer care and delaying the purchase decision of the customers.
---Where is the 15% price cut?
I verified on the ongoing price after the news and it's still selling at 2900 Rs/sq ft which was same as before. 10-15% price cut means cut of around 290-435 Rs/sq ft - Has anyone bought from Brigade around 2465 - 2610 Rs/sq ft in year 2009? There used to be price list on the website but now it has been removed and instead of that it has numbers of marketing executives. At least I expected some transparency on pricing front. Interested Bloggers, Competitors, Media, Existing Customers will anyhow track and find the ongoing price but putting price list off from the site will certainly help you in loosing few customers. If I'm doing a research for buying an apartment where is the time to send an email to each of the builders and get the price quote?
Any builder not publishing the price list on the site are loosing customers, increasing the cost of their customer care and delaying the purchase decision of the customers.
Bangalore: Close on the heels of DLF Ltd slashing ticket prices of its homes by 30%, Brigade Enterprises Ltd cut rates by 10-15% in all its projects and will build small, cheaper apartments to cater to buyers with budgets of Rs25-30 lakh.
The Bangalore-based developer has lined up 12 projects, which include hospitals, residences and malls, and would start building them before the end of this year. It plans to raise Rs1,000 crore for its ventures.
“We are planning to raise the money this year through a combination route of private equity and institutional funding,” said chairman and managing director M.R. Jaishankar.Brigade, which has around 14 million sq. ft under development in southern India, is aggressively looking at expanding its hospitality business in 2009.
On Friday, the company, in partnership with Accor hotels and resorts, launched Mercure Homestead, which is a 126-room luxury service apartment complex in north-west Bangalore. This also marked the launch of Accor’s global Mercure brand in India, with the next property lined up at the hill station of Lavasa, near Pune in Maharashtra.
“We are positive on the Indian market and are planning 50 properties here by 2012 under our various brands, such as Mercure, Novotel and others,” said Daniel Tannenbaum, Accor’s India regional director of sales and marketing. He was responding to a query on a dull hospitality sector and dipping demand in the serviced-apartments segment.
Brigade has a debt of Rs350 crore, but will not restructure its loans like other developers that include Unitech Ltd, Sobha Developers Ltd and Housing Development and Infrastructure Ltd.“We didn’t commit the mistake of buying land indiscriminately and only bought enough that would be developed within five-seven years. So, if there is a good piece of land, we are still looking to buy,” said Jaishankar. The company has a land bank of about 450 acres.
Brigade’s net profit for the nine months to 31 December dipped by 17.3% to Rs67.44 crore from Rs81.55 crore in the same period a year earlier.
The company’s stock closed at Rs38.75, up 5.59%, on the Bombay Stock Exchange on Thursday, on a day when the Sensex rose 4.51%. The markets were closed on Friday.
Source - LiveMint
Source - LiveMint
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