Brigade Enterprises Builds Rs 2,000 cr Housing Project in Chennai

New Delhi, Feb 21 (PTI) Realty firm Brigade Enterprises on Wednesday said it has partnered with PVP Ventures to jointly develop a housing project in Chennai with a revenue potential of about Rs 2,000 crore.

In a regulatory filing, Bengaluru-based Brigade said the company has "signed a Joint Development Agreement (JDA) with PVP Ventures Ltd to develop a 2.5 million (25 lakh) square feet, high-rise residential project, spread across 16 acres in Perambur, Chennai, with a revenue potential of about Rs 2,000 crore".

Brigade Group also said its subsidiary Brigade Hotel Ventures Ltd has signed a 45-year lease agreement with landowners to build a 250-room resort on East Coast Road (ECR) in Chennai.

"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," Brigade Enterprises Managing Director Pavitra Shankar said.

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, she added.

"We have a land bank of over 12 million square feet of residential projects across Chennai, which will be our second biggest market after Bengaluru," said Pavitra.

Brigade Enterprises Joint Managing Director Nirupa Shankar said the company has a collective operational room count of around 1,500 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 1,200 keys over the next four years," she said.

Established in 1986, Brigade Enterprises is one of India's leading property developers with over three decades of expertise. It has presence in Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru, and Chikkamagaluru with developments across housing, office, retail and hotels.