Brigade Enterprises to develop one million sq ft apartments in Chennai project with Rs 800 crore GDV

The developer has gradually moved to reduce its reliance on the Bengaluru property market, and forayed in Chennai and Hyderabad, among few other cities.

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Real estate developer Brigade Group has strengthened its footprint in Chennai with a Joint Development Agreement for a residential project of around one million square feet, the company informed on November 7, which has a Gross Development Value (GDV) of about Rs 800 crore.

The project is located in West Chennai, one of the city's fastest growing areas, and will be developed as part of a 1.5 million square feet mixed use development. Brigade has plans to double its growth in Chennai by expanding across verticals.

“This joint development agreement for a 1 million sq ft residential development, forming part of a larger mixed-use development, underscores our commitment to the city's growth and our vision to deliver world-class residential, commercial, retail and hospitality spaces. Pavitra Shankar, Managing Director, Brigade Enterprises said.

Brigade Enterprises aims to launch approximately 15 million square feet (msf) of projects in FY25 and FY26 each, across residential, commercial, retail, and hospitality sectors. The developer had recently raised Rs 1,500 crore through a Qualified Institutional Placement (QIP), which is aims to use for land acquisitions and growth. Over the next two years, Brigade plans to invest Rs 4,500 crore in purchasing land assets.

The developer has gradually moved to reduce its reliance on the Bengaluru property market, and forayed in Chennai and Hyderabad, among few other cities.

Brigade Group-owned Brigade Hotel Ventures - owner and developer of hotels in South India - has recently filed draft papers with markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO).