Brigade Enterprises said that it has entered into a joint development agreement (JDA) with Agni Estates & Foundations to develop Brigade Tech Boulevard, a 'Grade A' office space 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.
This will be the next commercial launch by Brigade Group after the successful completion of the landmark World Trade Center on OMR, said the firm.
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.
Brigade Tech Boulevard will be of world-class quality, with significant focus on sustainability, similar to all our commercial developments across cities. 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.
Brigade Enterprises is one of Indias leading property developers. The company has developed properties in cities like Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru with developments across residential, office, retail and hotels.
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The company reported 31% rise in consolidated net profit to Rs 55.8 crore on a 41% increase in revenue to Rs 1,208.2 crore in Q3 FY24 as compared with Q3 FY23.
The scrip fell 1.02% to trade at Rs 991.40 on the BSE.
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