Brigade Group to invest Rs 8,000 crore in Chennai to develop 15 million sqft by 2030

MUMBAI: Bengaluru-based realty player Brigade Group has announced Rs 8,000 crore investment in multiple projects worth over 15 million sqft in Chennai, and has launched the first high-end project in central Chennai.

The proposed investments will spread across residential, office, retail and hospitality and will have over 15 million sqft of salable area, the company said in a statement on Wednesday.

The company also said the gross development value of the residential projects, measuring over 12 million sqft alone is around Rs 13,000 crore.

The new project, Brigade Icon in the tony Mount Road area will be a mixed-use development, offering a blend of residential, retail, and office spaces and is designed by the globally renowned architect SOG Design of Singapore. The company expect over Rs 1800 crore in sales value from this.

In Chennai, the group has already completed over 5 million sqft across residential, office, hospitality and retail real estate. Its flagship is the World Trade Center Chennai.

Of the 15 million sqft of new projects planned, Brigade plans to launch over 3 million sqft of residential projects and about 1 million sqft of commercial development this fiscal itself, said Pavitra Shankar, the managing director of Brigade Enterprises.

With this development pipeline, Chennai will become the second-largest market for the company after its hometown Bengaluru.

The aim is to double the 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’ve already signed agreements with the state government for four projects as part of their global investors meet, approvals for which are in process, she said.

Established in 1986, the Brigade Group has developed many landmark buildings across Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru with developments across residential, office, retail and hotels.