Brigade Enterprises to invest Rs 400 crore to build office space in Chennai

Realty firm Brigade Enterprises Ltd on Monday said it will invest Rs 400 crore to build an office complex in Chennai.

In a statement on Monday, Bengaluru-based Brigade Enterprises said it has entered into a Joint Development Agreement (JDA) with Agni Estates & Foundations Pvt Ltd to develop 'Brigade Tech Boulevard', a 'Grade A' office space on Pallavaram-Thoraipakkam Radial Road, in Chennai.

"With an investment of around Rs 400 crore, the project will have a leasable area of 8.36 lakh square feet spread across two towers," it added.

This will be the next commercial project launched by Brigade Group after 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."

Offices that conform to sustainability, with seamlessly integrated digital connectivity and A Grade office certification are in great demand, she 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," Shankar said.

Commenting on the transaction, Agni Estates & Foundations 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 is one of India's leading property developers.

Instituted in 1986, the company has developed many projects across South India, namely 'Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, and Thiruvananthapuram.

It is into the development of projects across all segments-- residential, office, retail, hospitality, and education.

Since its inception, Brigade has completed 280+ buildings amounting to over 83 million square feet of developed space.