Brigade Enterprises Ltd announced on Monday its plan to allocate Rs.400 crore towards the construction of an office complex in Chennai. The Bengaluru-headquartered company revealed that it has partnered with Agni Estates & Foundations Pvt Ltd through a Joint Development Agreement (JDA) to work on 'Brigade Tech Boulevard', a premium office space located on Pallavaram-Thoraipakkam Radial Road in Chennai.
The upcoming commercial project by Brigade Group will span across two towers, offering a leasable area of 8.36 lakh square feet. With an investment of approximately Rs.400 crore, this project follows the successful completion of the 'World Trade Centre' on OMR.
Nirupa Shankar, Joint Managing Director, Brigade Enterprises, said, "Chennai is a diverse office market with demand from not only IT and ITeS sector but also from several other industry verticals including engineering, automotive and banking, etc."
There is a high demand for offices that meet sustainability standards, have seamless digital connectivity, and hold an A Grade office certification.
Nirupa Shankar also added,"Given the pre-leasing commitments that Radial Road has had in the past, we are confident that the leasing momentum would increase further with this development."
Talking about the transaction, Chairman R N Jayaprakash said, "We have partnered with Brigade for this project given their business acumen on delivering good returns on investment."
Brigade Group stands as a prominent property developer in India. Established in 1986, the firm has successfully executed numerous projects in various cities of South India, including Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, and Thiruvananthapuram.
Brigade has been involved in the development of projects in various sectors including residential, office, retail, hospitality, and education. Over the years, Brigade has successfully finished constructing more than 280 buildings, totaling to over 83 million square feet of developed space.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
