Brigade Enterprises Ltd on January 8 signed two memorandum of understanding (MoUs) with the Tamil Nadu government to invest over Rs 3,400 crore in the state over the next 3-4 years.
The two MoUs were signed as part of Tamil Nadu’s Global Investors Meet (GIM) 2024, in the presence of MK Stalin, the chief minister of Tamil Nadu
The first MoU with Chennai Metropolitan Development Authority (CMDA) is for Brigade Group's expansion in Chennai and setting up two high-rise residential buildings in the IT belt of Sholinganallur, with an investment of over Rs 2000 crores.
The second MoU is with Electronics Corporation of Tamil Nadu (ELCOT), Information Technology and Digital Services Department, Government of Tamil Nadu which entails an investment of around Rs 1400 crores for high-rise commercial and residential developments, across different micro-markets in Chennai, including Mount Road.
These projects are expected to be completed within the next 3-4 years.
"Chennai continues to be a prime focus area for us across residential, commercial and hospitality. These sectors have shown phenomenal promise in terms of growth and potential during the last year. Also, Chennai is an emerging IT/ITES and Healthcare hotspot and the demand for absorption of commercial spaces is high," Pradyumna Krishnakumar, Executive Director, Brigade Enterprises Ltd said.
The MoU with ELCOT was signed between Krishnakuma and Dr S Aneesh Sekhar, IAS MD, ELCOT. Additionally, the MoU with Chennai Metropolitan Development Authority was signed between Hrishikesh Nair, Chief Operating Officer, Brigade Enterprises Ltd and Anshul Mishra, IAS Member Secretary Chennai Metropolitan Development Authority, Housing and Urban Development Department Government of Tamil Nadu.
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