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Nirmal Bang Report
Brigade Enterprises Ltd.’s Q1 FY23 performance was mixed bag. Residential pre-sales volume and declined by 25% QoQ each to 1.1 million square feet and Rs 7.4 billion, respectively amid rising interest rates while higher residential sale prices had certain adverse impact on pre-sales volume.
However, the management sounded confident that higher property prices have been well absorbed by buyers as sentiments remain positive and should not have any material impact on residential demand going ahead. The results showed:
optimism in office rentals, with leasing of ~0.4 million square feet in Q1 FY23 amid bulk hiring by IT/IT enabled services and financial services sectors,
revival in retail malls, with 85% of the tenants witnessing sales reaching more than 85% of pre-Covid levels and pick-up in business activities of food and beverages companies and multiplexes,
strong revival in the hospitality business amid traction in corporate travel and meetings, incentives, conferences and exhibitions events.
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