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Brigade Group to expand its Residential and Hospitality Portfolios in Chennai

Posted On: 2024-02-21 21:06:07 (Time Zone: IST)

Leading real estate developer Brigade Group, has announced expansion plans in the residential and hospitality sectors in Chennai. The company has signed a joint development agreement with PVP Ventures Limited to develop 2.5 million square feet, high-rise residential project, spread across 16 acres in the bustling neighbourhood of Perambur, Chennai with a revenue potential of about ?2000 Crores. Brigade has also signed a 45-year lease agreement to build a 250-room resort on East Coast Road (ECR), and is in talks with leading hoteliers for management of operations.

"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. 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. 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 Shankar, Managing Director, Brigade Enterprises Limited.

"We currently have a collective operational room count of around 1500 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 1200 keys over the next four years. Our aim is to cater to the discerning need of modern travellers while providing experiences that seamlessly combine luxury, comfort and impeccable service. The addition of this resort under the Brigade badge will not only enhance our portfolio but also contribute to the growth and development of the hospitality sector in the region." said Nirupa Shankar, Joint Managing Director, Brigade Enterprises Limited.

Shares of Brigade Enterprises Limited was last trading in BSE at Rs. 1004.25 as compared to the previous close of Rs. 984.20. The total number of shares traded during the day was 17509 in over 2339 trades.

The stock hit an intraday high of Rs. 1017.45 and intraday low of 986.80. The net turnover during the day was Rs. 17481431.00.

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