Brigade Enterprises surges after tie up with NestAway

Brigade Enterprises has signed a memorandum of understanding with NestAway, a rental solutions provider. Through this collaboration, Brigade Group will offer comprehensive rental assistance to all of its existing customers as well as over ten thousand apartments in different stages of construction that are currently in process of being readied for handover, across projects. Its customers will now be able to avail of a rental default guarantee that assures them timely rent.

According to company’s management, Brigade Enterprises has many existing customers looking for quality rental assistance. Assuring clients of an organised rental and maintenance service is a value-addition that is on offering as a first in the building industry.

On the financial front, Brigade Enterprises' revenue has increased by 4.88 per cent to Rs 441.33 crore in Q1FY17 as compared to same period in previous financial year. The company’s consolidated net profit has declined 22.02 per cent to Rs 20.19 crore in Q1FY17 on a yearly basis.

The share price of Brigade Enterprises has increased by 7.79 per cent on bourses; and closed at Rs 179.65 on an intraday basis.

NestAway is India's largest managed home rental marketplace in seven cities which includes Bangalore, Hyderabad, Pune, Gurgaon, Noida, Delhi and Ghaziabad.

Brigade Enterprises is a property development company. The company focuses on residential, offices, retail and hospitality projects. It operates through three segments, viz. Real Estate, Hospitality and Leasing.