Brigade Enterprises to develop 2.1 million sq. ft. Residential Apartments in Chennai; stock spurts ~4%

28 Jun 2022 , 09:40 AM

Brigade Group has signed a Joint Development Agreement in Chennai to develop approximately 2.1 million square feet. The 15-acre plot of land in Perumbakkam, just off the OMR Sholinganallur junction, will be developed as a large residential township. Perumbakkam is one of Chennai’s fastest-growing residential areas, with recent infrastructure development.

“South India will remain a priority for us, and this project is part of our strategy to increase our presence in Chennai. In about 5 years, the project will generate more than Rs1,500 crore in revenue. We anticipate a positive response from customers, particularly those in the IT and ITeS sectors, given its location in the heart of the IT Office Belt.” Brigade Enterprises Ltd. Executive Director and Head of Residential Business, Pavitra Shankar, stated.

Brigade Group expects its Chennai residential business to generate approximately Rs6,000 crore in revenue over the next five years. Furthermore, as part of its Chennai consolidation plans, the Group is expanding its presence in the Residential, Commercial, and Retail sectors.

At around 9.44 AM, Brigade Enterprises was trading at Rs455.90 up by Rs15.3 or 3.47% from its previous closing of Rs440.60 on the BSE. The scrip opened at Rs450 and has touched intraday high and low of Rs467 and Rs450 respectively.