Brigade Group Plans Rs 8,000-Crore Investments In Chennai's Real Estate
The Gross Development Value of the residential projects alone is estimated to be over Rs 13,000 crore.
Brigade Group has plans to invest Rs 8,000 crore by 2030, with the aim of tripling its project count in Chennai by the year. The company has already signed the Memorandum of Understanding with the state government and the approvals for the same are in process.
The real estate developer has planned the investment in Chennai to expand its business in the city, with a strong pipeline of projects across the spectrum of over 15 million square feet, an exchange filing said.
The Gross Development Value of the residential projects alone is estimated to be over Rs 13,000 crore.
"Of the total land bank of 519 acres, Brigade Group has 130 acres in Chennai," said Executive Director Pradyumna Krishnakumar.
Company representatives have stated that Brigade Group has completed more than 5 million square feet of development in Chennai.
The aim is to double the growth in Chennai by expanding all four verticals—residential, commercial, retail and hospitality, said Pavitra Shankar, managing director of Brigade Enterprises.
"We have already signed MoUs with the state government for four projects as part of the Global Investors Meet, approvals for which are in process," Shankar said.
Brigade Group Unveils Premier Project In Chennai
The company on Wednesday unveiled one of its premier projects, Brigade Icon, which is anticipated to be developed on a five-acre tract along the central Mount Road in the city.
The project is part of the MoU that the company has signed with the Tamil Nadu Government at the Global Investors Meet in January.
The Brigade Icon project, expected to come up in about five to six years would have two towers—one of 38 floors and the other of 15-16 floors.
The residential tower would be the tallest building of the company in Chennai, measuring over 150 metres, while the tower comprising office and hospitality would be about 100 metres in height, Shankar said.
"We are aware of the significance of Mount Road to the people of Chennai, and are very happy to bring Brigade Icon to the city's most iconic location. Not only is this one of the most important launches for Brigade in Chennai, it is also the most premium project in our residential portfolio," she said.
The company is also engaged in a commercial project in Radial Road (Pallavaram) and is also developing a resort on East Coast Road in Uthandi. In FY25, Brigade plans to launch over 3 million sq ft of residential projects and about 1 million sq ft of commercial developments in Chennai.
(With text inputs from PTI)
