Real estate developer Brigade Enterprises on June 12 announced its plan to invest Rs 8,000 crore in Chennai by 2030 to expand its business. With this investment, Brigade aims to establish Chennai as its second-largest market.
The company also has a strong pipeline of projects in the Chennai market across the spectrum of residential, office, retail and hospitality for over 15 million sq ft. "The Gross Development Value (GDV) of the residential
projects alone is estimated to be over Rs 13,000 crore," the company stated in an exchange filing.
On that account, Brigade Group also announced the launch of Brigade
Icon Residences as part of its high-end mixed-use development projects in Chennai. The residences will have a GDV of around Rs 1,800 crore.
"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. 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," said Pavitra Shankar, Managing Director, Brigade Enterprises.
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Meanwhile, Shankar, in an interaction with CNBC-TV18 also said that Brigade is targeting a 15-20 percent revenue CAGR in FY25 for its residential business.
"Andhra Pradesh is the only South Indian state where Brigade does not currently have a presence and hence we want to see some traction on the ground before embarking on developments in Amaravati. The potential for growth is a critical factor before deciding to enter a new market," Shankar added.
At 2.55 pm, shares of Brigade Enterprises were trading at Rs 1,346, down 4 percent on the NSE.
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