February 22, 2024: Real estate developer Brigade Group has announced its expansion plans in the residential and hospitality sectors in Chennai. According to an official release, the developer has signed a joint development agreement with PVP Ventures to develop 2.5 million square foot (msf), high-rise residential project, spread across 16 acre in Perambur, Chennai with a revenue potential of about Rs 2000 crore.
Brigade Group has also signed a 45-year lease agreement to develop a 250-room resort on East Coast Road (ECR) and it is in talks with leading hoteliers for management of operations, the release said.
Pavitra Shankar, managing director, Brigade Enterprises, said, “Bengaluru, Chennai, and Hyderabad are key focus markets for Brigade and this strategic expansion in the residential and hospitality sectors are an integral part of the overall growth plan. The residential sector is showing sustained growth across the country, with Chennai gaining momentum from the increased presence of IT/ITeS, BFSI, manufacturing, automotive, and GCC companies in the region. We have a land bank of over 12 msf of residential projects across Chennai, which will be our second biggest market after Bengaluru.”
Nirupa Shankar, joint managing director, Brigade Enterprise, said “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. Our aim is to cater to the discerning need of modern travellers while providing experiences that seamlessly combine luxury, comfort and impeccable service. The addition of this resort under the Brigade badge will not only enhance our portfolio but also contribute to the growth and development of the hospitality sector in the region.”
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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