Brigade Marches On: ₹8,000 Crore Expansion Planned for Chennai

Brigade Group, a prominent real estate developer, has revealed ambitious plans for expansion in Chennai, announcing an investment commitment of ₹8,000 crore over the next 6-7 years. This extensive development initiative encompasses projects across commercial, residential, retail, and hospitality sectors.

A key highlight of their expansion is the Brigade Icon project, set to become the tallest building on Anna Salai. Spanning 5 acres acquired from Sundaram Motors, the development will feature two towers—one for residential and the other for office use, totaling 38 floors. Construction has already commenced, with completion estimated in 5 plus one year.

Managing Director Pavitra Shankar mentioned, "The residential tower will offer 230 homes ranging from 2,500 to 6,000 square feet, designed by Singapore-based SOG Design." The pricing details for these residences are expected to be announced soon. The retail and office spaces, occupying 1 lakh square feet, will follow the residential construction, with access planned from Whites Road.

Nirupa Shankar, Joint Managing Director, explained the financing structure, stating, "Our total investment for Brigade Icon is approximately ₹1,000 crore, including land costs, funded through internal accruals and our robust balance sheet."

In addition to the Chennai projects, Brigade Group has a substantial pipeline of developments across Bengaluru, Chennai, Hyderabad, and Mysore, totaling over 15 million square feet. The Group's consolidated revenue for FY24 stood at ₹5,064 crore, reflecting a significant 42 percent increase from FY23.

Looking ahead, the Group anticipates strong performance in the hospitality sector, driven by domestic tourism. Collaborating with Hyatt, Brigade Group is developing a 200-room beach-facing resort on ECR Chennai, a ₹300 crore investment catering to weddings, MICE events, and leisure travelers.

News by Yelligetti