BENGALURU: Real estate developer Brigade Group, has announced expansion plans in the residential and hospitality sectors in Chennai.
The company has signed a joint development agreement with PVP Ventures Limited to develop 2.5 mn square feet, high-rise residential project, spread across 16 acres in the bustling neighbourhood of Perambur, Chennai with a revenue potential of about Rs 2,000 cr. It has also signed a 45-year lease agreement to build a 250-room resort on ECR, and is in talks with hoteliers for operations management.
“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 firms in the region. We have a land bank of over 12 mn square feet of residential projects across Chennai, which will be our second biggest market after Bengaluru.” said Pavitra Shankar, MD, Brigade Enterprises Limited.
“We have a operational room count of around 1500 rooms across five cities. The ECR property will be our first resort,” said Nirupa Shankar, Joint Managing Director, Brigade Enterprises Limited.