Brigade Enterprises said that it has planned an investment of over Rs 8,000 crore by 2030 in Chennai to expand its business in the city, with a strong pipeline of projects include residential, office, retail and hospitality for over 15 Sq.ft.
The company has launched Brigade Icon Residences, part of an exquisite high-end mixed-use development located in the heart of Chennais historic Mount Road. The gross development value (GDV) of the residential projects alone is estimated to be over Rs 13,000 crore.This mixed-use development project offers a blend of residential, retail & office spaces, and will set a new benchmark in urban living. The project is designed by the globally renowned architect SOG Design based out of Singapore.
The residences will comprise of G+38 floors, featuring three, four and five bed apartments from 2,500 sq.ft onwards and GDV will be over Rs 1800 crore.
In Chennai, Brigade group has already completed over 5 mn sqft across residential, office, hospitality and retail real estate. Company's flagship project, world trade center Chennai in Perungudi, OMR is over 90% leased and houses marquee tenants. Brigade group has a pipeline of over 15 mn sqft across all the segments, with the residential segment comprising over 12 mn sqft. In FY25, company plans to launch over 3 mn sqft of residential projects and about 1 mn sqft of commercial development in Chennai.
Pavitra Shankar, managing director (MD), Brigade Enterprises, said, We are aware of the significance of Mount Road to the people of Chennai, and are very happy to bring Brigade Icon to the citys 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.
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Chennai will be the second largest market after our hometown Bengaluru. Our aim is to double our growth in the city 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 already signed MoUs with the State Government for four projects as part of their Global Investors Meet, approvals for which are in process.
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.
The company reported consolidated net profit of Rs 206.09 crore in Q4 FY24, steeply higher than Rs 69.25 crore reported in Q4 FY23. Revenue from operation surged 102.04% to Rs 1,702.37 crore in Q4 FY24 as compared to Rs 842.57 crore recorded in the corresponding quarter previous year.
Shares of Brigade Enterprises slipped 3.72% to trade at Rs 1,346 on the BSE.
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