Bengaluru-based real estate developer Brigade Group announced that it has signed a joint development agreement with PVP Ventures Ltd to develop a 2.5 million square feet, high-rise residential project in Chennai, according to a regulatory filing on February 21.
The group eyes a revenue of Rs 2,000 crore from the project spread across 16 acres in Perambur.
“Bengaluru, Chennai, and Hyderabad are key focus markets for Brigade and this strategic expansion in the residential and hospitality sectors is an integral part of the overall growth plan. We have a land bank of over 12 million square feet of residential projects across Chennai, which will be our second biggest market after Bengaluru,” Pavitra Shankar, Managing Director, Brigade Enterprises Limited said.
The company also added that it has signed a 45-year lease agreement to build a 250-room resort on East Coast Road (ECR), and is in talks with leading hoteliers for management of operations.
“We currently have a collective operational room count of around 1500 rooms across five cities. The ECR property in Chennai will be our first resort and is part of our plan to increase our total room count by another 1200 keys over the next four years,” Nirupa Shankar, Joint Managing Director, Brigade Enterprises Limited added.
Currently, the company looks to add 3.15 million sq ft (msf) of office space in Bengaluru, Chennai and Hyderabad by the end of FY25, Nirupa Shankar, joint managing director of the group, prevoiusly told Moneycontrol.
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