Brigade Group develops Rs. 800 crore worth Residential Project in Chennai

Brigade Group, a real estate developer, announced on November 7 that it has inked a collaborative development deal to construct one million square feet of flats in Chennai, with a gross development value of Rs. 800 crore.

According to a regulatory filing made by the business, the residential project will be part of a 1.5 million square foot mixed-use development in West Chennai.

Brigade Group announced earlier this year in July that it would invest almost Rs. 8,000 crore to open nearly 15 million square feet of residential, commercial, retail, and hotel space in Chennai.

According to the business, the residential projects in the city alone are anticipated to have a gross development value of about Rs. 13,000 crore.

As a result, Chennai is anticipated to surpass Bengaluru, the home market of the real estate company, as the second-largest market.

Pavitra Shankar, Managing Director, Brigade Enterprises says, “This joint development agreement for a 1 million sq ft residential development, forming part of a larger mixed-use development, underscores our commitment to the city's growth and our vision to deliver world-class residential, commercial, retail and hospitality spaces”.

“Our aim is to double our growth in the city by expanding all four verticals of residential, commercial, retail and hospitality,” Shankar added.

Recently, Pavitra emphasized that the majority of buyers in the residential real estate market are end users, or those who buy properties for their own use as opposed to investing.

The substantial end-user base contributes to the consistent demand for Brigade's real estate.

She suggested approving a medium- to long-term perspective while analyzing the market, even though investors are still interested in real estate.