Brigade Enterprises Announces ₹8,000 Crore Investment Plan for Chennai by 2030

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 13th June 2024 - 12:08 pm

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On June 12, real estate developer Brigade Enterprises revealed its intention to invest ₹8,000 crore in Chennai by 2030 to grow its business. Through this investment, Brigade aims to position Chennai as its second-largest market.

Additionally, the company has a robust lineup of projects in the Chennai market, spanning residential, office, retail, and hospitality sectors, totaling over 15 million square feet. "The Gross Development Value (GDV) of the residential projects alone is projected to exceed ₹13,000 crore," the company mentioned in an exchange filing.

The company has introduced Brigade Icon Residences, which are part of an elegant high-end mixed-use development situated in the heart of Chennai's historic Mount Road. The Gross Development Value (GDV) of the residential projects alone is estimated to exceed ₹13,000 crore.

This mixed-use development project combines residential, retail, and office spaces, setting a new standard for urban living. The design of the project is crafted by the globally acclaimed architect SOG Design, headquartered in Singapore. 

The residences will consist of G +38 floors, offering three, four, and five-bedroom apartments starting from 2,500 square feet, with a Gross Development Value (GDV) exceeding ₹1800 crore. The design of Brigade Icon reflects the city's evolving cultural identity, presenting a contemporary development that honors Chennai's rich heritage.

"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.

In Chennai, Brigade Group has already completed over 5 million square feet across residential, office, hospitality, and retail real estate. The company's flagship project, the World Trade Center Chennai in Perungudi, OMR, is over 90% leased and hosts prominent tenants. Brigade Group has a pipeline exceeding 15 million square feet across all segments, with the residential segment alone accounting for over 12 million square feet. In FY25, the company plans to launch over 3 million square feet of residential projects and approximately 1 million square feet of commercial development in Chennai.

Shankar added, "We are aware of the significance of Mount Road to the people of Chennai, and are very happy to bring Brigade Icon to the citys most iconic location. 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." 

"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.

"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. All sectors are witnessing strong demand, and we believe that our contribution to each of these sectors will make a difference not only to the city, but also to the lifestyle of people in the city. We have already signed MoUs with the State Government for four projects as part of their Global Investors Meet, approvals for which are in process," Shankar mentioned.

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