Brigade Enterprises Signs Pact To Develop High-Rise Residential Project In Chennai

Brigade Enterprises Ltd. has agreed to develop a 2.5 million square feet, high-rise residential project in Chennai along with PVP Ventures Ltd.

The project, spread over 16 acres in the northern suburb of Perambur, has potential to create revenue worth Rs 2,000 crore, according to the developer's exchange filing on Wednesday.

In addition, the company's subsidiary Brigade Hotel Ventures Ltd. has signed a 45-year lease agreement to build a 250-room resort on the East Coast Road and has approached hoteliers for management of operations, the filing said.

“Bengaluru, Chennai, and Hyderabad are key focus markets for Brigade and this strategic expansion in the residential and hospitality sectors are an integral part of the overall growth plan," Pavitra Shankar, managing director, Brigade Enterprises, said in a statement.

Shankar also said that Chennai is gaining momentum in the residential and hospitality sector because of its increased presence in information technology, BFSI (banking, financial services and insurance), manufacturing, automotive, and GCC (global capability centre) companies in the region.

Shares of Brigade Enterprises closed 2.04% higher at Rs 1,004.25 apiece, as compared with a 0.59% fall in the benchmark BSE Sensex.