Brigade Group inks pact to develop 2.1 million sq ft residential apartments in Chennai
Bengaluru-based Brigade Group announced it had signed a Joint Development Agreement (JDA) to develop around 2.1 million sq ft in Chennai.
Located at Perumbakkam, the land, which is just off OMR Sholinganallur junction, which houses the IT corridor, is spread over 15 acres and will be developed as a large residential township.
“South India will continue to be a key focus for us, and this project is part of our strategy to expand our presence in Chennai. The project will have a revenue realisation of over ₹1,500 crore in about five years,” Pavitra Shankar, Executive Director and Head of Residential Business, Brigade Enterprises, said in a statement
“We expect a positive response from the customers, especially from the IT and ITes sectors as it is located in the heart of the IT office belt,” she added.
Brigade Group is targetting a revenue of about ₹6,000 crore over the next five years from its Chennai residential business alone.
The company said, as part of its consolidation plans in Chennai, the Group is expanding its presence in the residential, commercial and retail verticals.
Earlier this year, BusinessLine first reported that the real estate and property development company entered into an understanding to purchase nearly five acres of the iconic TVS Sundaram Motors’ property in Chennai’s arterial Anna Salai.
June 27, 2022