BENGALURU: Realty firm Brigade Enterprises Ltd on Wednesday announced investment of Rs 8,000 crore in the Chennai property market to develop residential, commercial and hotel projects.
In a regulatory filing, Brigade informed that "the company plans to invest over Rs 8,000 crore in Chennai by 2030 to expand its business in the city, with projects across the spectrum of residential, office, retail and hospitality." There is a strong pipeline involved.” Over 15 million square feet."
The gross development value (GDV) of the residential projects alone is estimated to be more than Rs 13,000 crore.
Brigade also announced the launch of a new project, 'Brigade Icon Residences', part of a mixed-use development located in the heart of Chennai's historic Mount Road.GDV will exceed Rs 1,800 crore.
In Chennai, Brigade Group has already completed construction of over 5 million sq ft across residential, office, hospitality and retail real estate. Its flagship project, the World Trade Center Chennai, is over 90 percent leased.
Brigade Group has a pipeline of over 15 million sq ft across all segments, with the residential segment comprising over 12 million sq ft.
In the current financial year, Brigade plans to launch over 3 million sq ft of residential projects and around 1 million sq ft of commercial development in Chennai."Chennai will be our second largest market after our hometown Bengaluru. We aim to double our growth in the city by expanding all four sectors of residential, commercial, retail and hospitality," said Pavitra Shankar, managing director of Brigade Enterprises Ltd.
He said that strong demand is being seen in all sectors.
“We have already signed MoUs for four projects as part of the Global Investors Meet with the state government, the approvals for which are in the process,” Shankar said.
Established in 1986, Brigade Group is one of India's leading property developers.It has presence in Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, GIFT City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru.
In a regulatory filing, Brigade informed that "the company plans to invest over Rs 8,000 crore in Chennai by 2030 to expand its business in the city, with projects across the spectrum of residential, office, retail and hospitality." There is a strong pipeline involved.” Over 15 million square feet."
The gross development value (GDV) of the residential projects alone is estimated to be more than Rs 13,000 crore.
Brigade also announced the launch of a new project, 'Brigade Icon Residences', part of a mixed-use development located in the heart of Chennai's historic Mount Road.GDV will exceed Rs 1,800 crore.
In Chennai, Brigade Group has already completed construction of over 5 million sq ft across residential, office, hospitality and retail real estate. Its flagship project, the World Trade Center Chennai, is over 90 percent leased.
Brigade Group has a pipeline of over 15 million sq ft across all segments, with the residential segment comprising over 12 million sq ft.
In the current financial year, Brigade plans to launch over 3 million sq ft of residential projects and around 1 million sq ft of commercial development in Chennai."Chennai will be our second largest market after our hometown Bengaluru. We aim to double our growth in the city by expanding all four sectors of residential, commercial, retail and hospitality," said Pavitra Shankar, managing director of Brigade Enterprises Ltd.
He said that strong demand is being seen in all sectors.
“We have already signed MoUs for four projects as part of the Global Investors Meet with the state government, the approvals for which are in the process,” Shankar said.
Established in 1986, Brigade Group is one of India's leading property developers.It has presence in Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, GIFT City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru.
