[GAGA REALTY] [JOINT VENTURE] [GAGA HOMES]
Bengaluru: Realty firm Brigade Enterprises Ltd on Wednesday announced an investment of Rs 8,000 crore in Chennai property market for development of housing, commercial and hotel projects. In a regulatory filing, Brigade informed that “the company has planned an investment of over Rs 8,000 crores by 2030 in Chennai to expand its business in the city, with a strong pipeline of projects across the spectrum of residential, office, retail and hospitality for over 15 million square feet.” The Gross Development Value (GDV) of the residential projects alone is estimated to be over Rs 13,000 crore. Brigade also announced the launch of a new project, ‘Brigade Icon Residences’, which is part of a mixed-use development located in the heart of Chennai’s historic Mount Road. The GDV will be over Rs 1,800 crore. In Chennai, Brigade Group has already completed over 5 million square feet across residential, office, hospitality and retail real estate. Its flagship project, World Trade Center Chennai, is over 90 per cent leased. Brigade Group has a pipeline of over 15 million square feet across all the segments, with the residential segment comprising over 12 million square feet. In the current fiscal, Brigade plans to launch over 3 million square feet of residential projects and about 1 million square feet of commercial development in Chennai. Pavitra Shankar, Managing Director, Brigade Enterprises Ltd, said, “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.” She noted that all segments are witnessing strong demand. “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,” Shankar said. Established in 1986, Brigade Group is one of India’s leading property developers. It has a presence in Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru.
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