Brigade to develop 2.5 million sq ft Residential Space in Chennai City

The Bengaluru-based real estate developer Brigade Group has recently disclosed the signing of a joint development agreement with PVP Ventures Ltd for the construction of a 2.5 million square feet, high-rise residential project in Chennai. On 21st February this information was shared in a regulatory filing. The group is targeting on making a revenue of Rs. 2,000 crore from the project spread across 16 acres in Perambur.

Pavitra Shankar, Managing Director, Brigade Enterprises Limited explained, "Bengaluru, Chennai, and Hyderabad are key focus markets for Brigade and this strategic expansion in the residential and hospitality sectors is an integral part of the overall growth plan.

We have a land bank of over 12 million square feet of residential projects across Chennai, which will be our second biggest market after Bengaluru.”

The company further announced that it has recently entered into a 45-year lease agreement to construct a 250-room resort along East Coast Road (ECR). Additionally, discussions are underway with prominent hoteliers to oversee the management of operations.

Talking about the matter, Nirupa Shankar, Joint Managing Director, Brigade Group, stated, "We currently have a collective operational room count of around 1500 rooms across five cities. The ECR property in Chennai will be our first resort and is part of our plan to increase our total room count by another 1200 keys over the next four years."

In an interview with Moneycontrol, Nirupa further revealed that, the company has set its sights on expanding its office space in three major cities in India, namely Bengaluru, Chennai, and Hyderabad. With a clear vision for growth, the company aims to add a staggering 3.15 million square feet (msf) to its existing office space by the conclusion of the fiscal year 2025.