Brigade Group Plans Rs 8,000 Cr Investment in Chennai Projects

Real estate giant Brigade Group has unveiled plans for a significant investment of over Rs 8,000 crore in Chennai projects by 2030. This strategic move aims to bolster the company's presence and expand its business footprint in the region. As part of this initiative, Brigade Group has launched the prestigious Brigade Icon Residences project located on Mount Road in Chennai, according to a recent stock exchange filing.

 

The Brigade Icon Residences, designed by Singapore-based SOG Design, will feature an impressive 38 floors and offer luxurious three-, four-, and five-bedroom apartments starting from 2,500 square feet onwards. The Gross Development Value (GDV) for this project is estimated to surpass Rs 1,800 crore.

 

In the upcoming fiscal year 2025, Brigade Group intends to introduce over 3 million square feet of residential projects and approximately one million square feet of commercial development in Chennai, further solidifying its presence in the market.

 

Pavitra Shankar, Managing Director of Brigade Enterprises Ltd, expressed the company's commitment to doubling its growth in Chennai across all sectors, including residential, commercial, retail, and hospitality. Shankar also highlighted the strong demand observed across these sectors and noted the company's ongoing collaboration with the State Government for four projects as part of their Global Investors Meet, with approvals currently in progress.

 

However, despite these ambitious plans, Brigade Enterprises Ltd witnessed a decline of 3.14 per cent in its shares, trading at Rs 1,355.50 on the NSE as of 12:32 pm.