Brigade Group Invests Rs 8,000 Cr in Chennai Real Estate

Chennai, Jun 12 (PTI) Leading real estate developer Brigade Group has earmarked investments of Rs 8,000 crore and expects to triple the number of projects in Chennai by 2030, a top official said here.


The Bengaluru-headquartered company on Wednesday announced another of its flagship projects -- 'Brigade Icon' -- expected to come up on a five acre land on the arterial Mount Road in the city.

'Brigade Icon' is part of the projects that the company had signed as a memorandum of understanding with the Government of Tamil Nadu during the Global Investors Meet in January 2024.


The company's first flagship project is the World Trade Centre located on the Old Mahabalipuram Road (popularly known as the IT Corridor).


According to company officials, the Brigade Group has already completed over 5 million sq ft of projects across residential, office, hospitality and retail space in Chennai.


"We are planning to invest Rs 8,000 crore in Chennai by 2030 to launch 15 million sq ft of projects across verticals including residential, office, hospitality. Of the total land bank of 519 acres, Brigade Group has 130 acres in Chennai," Brigade Enterprises Ltd Executive Director Pradyumna Krishnakumar said.


The 'Brigade Icon' project expected to come up in about 5-6 years would have two towers, one of 38 floors and the other of 15-16 floors.


Briefing reporters, he said one tower will be ground+38 floors, featuring three-, four- and five-bed apartments, each measuring 2,500 sq ft onwards, while the other tower will house offices and hospitality (hotels)."


For the upcoming project, Brigade Group had signed an MoU with the Government of Tamil Nadu during the Global Investors Meet held in January this year.


"We have already signed MoUs with the state government for four projects as part of the Global Investors Meet, approvals for which are in process," Brigade Enterprises Ltd Managing Director Pavitra Shankar said.

Asked whether 'Bridge Icon' would be the tallest building of the company in Chennai, she replied in the affirmative stating the residential tower would be the tallest, measuring over 150 metres while the tower comprising office and hospitality would be about 100 metres in height.


"We are aware of the significance of Mount Road to the people of Chennai, and are very happy to bring Brigade Icon to the city's 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," she said.


Responding to a query, she said the aim is to double the growth in Chennai by expanding all four verticals -- residential, commercial, retail and hospitality. Currently, Brigade's World Trade Centre Chennai in Perungudi, Old Mahabalipuram Road is over 90 per cent leased.


The company is also engaged in a commercial project in Radial Road (Pallavaram) and is also developing a resort on East Coast Road in Uthandi. In FY'25, Brigade plans to launch over 3 million sq ft of residential projects and about 1 million sq ft of commercial developments in Chennai.