Brigade Group collaborates with PVP Ventures Ltd for a major project in Chennai, constructing a sprawling 2.5 million sq ft residential complex in Perambur, expecting INR 2,000 crore revenue. Chennai's diverse industries make it an ideal market. Managing Director Pavitra Shankar emphasizes Chennai's significance alongside Bengaluru and Hyderabad. With over 12 million sq ft land bank, Chennai is their second-largest market. Brigade Group diversifies into hospitality, leasing a 250-room resort along East Coast Road. Plans include adding 1200 keys in four years. Additionally, they aim to expand commercial real estate, adding 3.15 million sq ft of office space by FY25, driving sustainable growth across key markets.
Brigade Group, a prominent Bengaluru-based real estate developer, has recently entered into a joint development agreement with PVP Ventures Ltd to embark on an ambitious project in Chennai. This venture involves the construction of a sprawling high-rise residential complex spanning 2.5 million square feet in the bustling Perambur neighborhood. With an eye on robust returns, Brigade Group anticipates generating a substantial revenue of INR 2,000 crore from this endeavor, strategically spread across a vast expanse of 16 acres.
Pavitra Shankar, the Managing Director of Brigade Enterprises Limited, underscored the significance of Bengaluru, Chennai, and Hyderabad as key markets for the company. This expansion into the residential and hospitality sectors in Chennai is integral to their overarching growth strategy. Notably, Chennai's burgeoning industries, including IT/ITeS, BFSI, manufacturing, automotive, and GCC companies, contribute to its appeal as a prime real estate market. Brigade Group boasts an extensive land bank exceeding 12 million square feet for residential projects in Chennai, positioning the city as their second-largest market after Bengaluru.
In addition to the residential development, Brigade Group is diversifying its portfolio by venturing into the hospitality sector. The company has secured a 45-year lease agreement for the construction of a luxurious 250-room resort along the picturesque East Coast Road (ECR). Discussions are underway with prominent hoteliers to oversee the management of operations, ensuring the resort's seamless integration into Brigade Group's esteemed brand.
With an existing operational room count of approximately 1500 rooms across five cities, the forthcoming resort on ECR marks Brigade Group's maiden entry into the hospitality landscape. This strategic move aligns with their objective of expanding the total room count by an additional 1200 keys over the next four years, catering to the evolving needs of modern travelers. The resort aims to deliver a bespoke experience blending luxury, comfort, and impeccable service, thereby enhancing Brigade Group's esteemed portfolio while contributing to the growth and development of the hospitality sector in the region.
Looking ahead, Brigade Group is set to reinforce its presence in the commercial real estate sector across Bengaluru, Chennai, and Hyderabad. Nirupa Shankar, the joint managing director of the group, revealed plans to add 3.15 million square feet of office space by the end of FY25. This strategic expansion underscores Brigade Group's commitment to meeting the evolving demands of the dynamic real estate landscape while driving sustainable growth across key markets.
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