 "Housing, Realty, Real Estate")
Real estate firm Brigade Group will invest more than Rs 8,000 crore in Chennai for residential, office, retail and hospitality projects spread over 15 million square feet (mn sq ft), it said on Wednesday.
It announced the launch of Brigade Icon Residences, which will be part of a high-end mixed-use development in Chennai’s historic Mount Road. The gross development value (GDV) of the residential projects is estimated to be more than Rs 13,000 crore by 2930.
Brigade Icon will offer a blend of residential, retail, and office spaces to set a “new benchmark in urban living”, said the company. The project is designed by SOG Design, an architecture firm in Singapore. Brigade Icon’s design will be contemporary and reflect the cultural identity and rich heritage of Chennai.
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Brigade Group has developed more than 5 mn sq ft of residential, office, hospitality and retail projects in Chennai. World Trade Center Chennai, the company flagship project, in Perungudi is over 90 per cent leased and houses marquee tenants. It has a pipeline of more than 15 mn sq ft across all segments, with the residential comprising over 12 mn sq ft. In FY25, Brigade plans to launch over 3 mn sq ft of residential projects and about 1 mn sq ft of commercial development in Chennai.
“We are aware of the significance of Mount Road to the people of Chennai, and are very happy to bring Brigade Icon to the city’s most iconic location. Not only is this one of the most important launches for Brigade in Chennai; it is also the most premium project in our residential portfolio," said Pavitra Shankar, managing director of Brigade Enterprises.
Chennai will be the company’s second largest market after hometown Bengaluru. "Our aim is to double our growth in the city (Chennai) by expanding all four verticals of residential, commercial, retail and hospitality. All sectors are witnessing strong demand, and we believe that our contribution to each of these sectors will make a difference not only to the city but also to the lifestyle of people in the city. We have signed MoUs (memoranda of understanding) with the state government for four projects as part of their global investors meet, approvals for which are in process,” said Shankar.
