Brigade Enterprises aims to establish Chennai as its second-largest market with a massive INR 8,000 crore investment by 2030. Focused on residential, office, retail, and hospitality sectors, the company plans to develop over 15 million square feet, projecting a Gross Development Value (GDV) exceeding INR 13,000 crore. Highlighted by the launch of Brigade Icon Residences, a luxury development with INR 1,800 crore GDV, Brigade aims for 15-20% CAGR in residential revenue. This strategic initiative underscores Brigade's confidence in Chennai's economic growth, positioning the city as a pivotal hub in India's burgeoning real estate landscape.
Real estate developer Brigade Enterprises has unveiled a major investment plan for Chennai, aiming to transform the city into its second-largest market after Bengaluru. The company has pledged a staggering INR 8,000 crore by 2030 to develop a diverse portfolio across Chennai, encompassing residential, office, retail, and hospitality projects.
This significant investment reflects Brigade's strong belief in Chennai's real estate potential. The company already boasts a robust pipeline of projects exceeding 15 million square feet. A significant portion of this focus is on residential development, with a projected Gross Development Value (GDV) exceeding INR 13,000 crore.
As a cornerstone of this ambitious plan, Brigade has launched its premium project, Brigade Icon Residences. This high-end mixed-use development carries a GDV of approximately INR 1,800 crore. Brigade Icon Residences signifies the company's commitment to establishing a new benchmark for luxury living in Chennai.
Pavitra Shankar, Managing Director of Brigade Enterprises stated that Chennai has the potential to be their second-largest market after Bengaluru. He further emphasized the company's goal of doubling its growth in Chennai by expanding its presence across all four sectors - residential, commercial, retail, and hospitality. This multi-pronged approach underscores Brigade's confidence in Chennai's overall economic growth and development trajectory.
Brigade is also targeting a healthy 15-20 percent Compound Annual Growth Rate (CAGR) in revenue for its residential business in the upcoming fiscal year (FY25). Looking beyond Chennai, the company is exploring expansion opportunities in other South Indian states. While Andhra Pradesh remains a future target market, Brigade is waiting for further development and market traction before embarking on projects in the state capital, Amaravati.
Brigade's investment plan positions Chennai as a key player in India's real estate market. This significant commitment of INR 8,000 crore is expected to create a wide range of development opportunities and contribute to the city's overall growth.
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