January 9, 2024: Real estate developer Brigade Enterprises has pacts with the Tamil Nadu government to invest over Rs 3,400 crore in the state with a potential employment for around 25,000 people over the next three-four years. The company signed two MoUs, one with the Chennai Metropolitan Development Authority (CMDA) and the other with ELCOT as part of Tamil Nadu’s Global Investors Meet (GIM) 2024.
The MoU with the CMDA is for Brigade’s expansion in Chennai and setting up two high-rise residential buildings in the IT belt of Sholinganallur, with an investment of over Rs 2,000 crore. The second MoU is with ELCOT, IT&DS which entails an investment of around Rs 1,400 crore for high rise commercial and residential developments, across different micro-markets, including Mount Road. These projects are expected to be completed within the next three-four years. The Tamil Nadu government will provide the necessary support and regulatory facilitation subject to applicable laws.
Commenting on the development, Pradyumna Krishnakumar, executive director, Brigade Enterprises, said, “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. This in turn will drive demand for residences.”
Brigade Group is one of India’s leading property developers with over three decades of expertise. The company has developed buildings across Bangalore, Mysuru, Hyderabad, Chennai, Kochi and Thiruvananthapuram Brigade has completed over 280 buildings amounting to over 83 million sqft (msf) of developed space across a diverse real estate portfolio.
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