Brigade Group spends Rs. 441 crore for housing project in Chennai

Bengaluru-based Brigade Group announced, in a May 14 filing, that it bought a 5.41-acre plot in Velachery Road, Chennai, for Rs. 441 crore to build a housing project.

The company expects the GDV of the housing project to be close to Rs. 1,600 crore, and the development can span up to 0.8 million square feet. Real estate consultant Knight Frank India was involved in helping the deal go through. Being well-positioned, the project grants accessibility to both the IT Corridor of OMR and the Central Business District, as per Knight Frank.

"Chennai has grown into our second-largest market after consistent and strategic investment in business development. This acquisition reinforces our commitment to expanding our footprint in the city with a focus on marquee land parcels in excellent locations," Pavitra Shankar, managing director, Brigade Enterprises Limited, said.

Brigade had informed that it would soon launch almost 15 mn sq ft of residential, office, retail, and hospitality projects in Chennai, using investments of about Rs. 8000 crore.

"Our focus is on the three big South Indian markets of Bengaluru, Chennai and Hyderabad. Chennai is set to become our second-largest market after Bengaluru, and we aim to double our growth in the city across residential, commercial, retail and hospitality," Shankar had said earlier.

Back in March, the Group said it was starting work on a top-end residential project in Sholinganallur, Chennai that could generate about Rs. 1,700 crore. Spread out over 6.5 acres, this development has 1.4 million square feet of space with three towers that each rise to 43 storeys. At more than 143 meters height, the project will deliver sweeping views of the city and its landscapes, according to Brigade Group. They stated that the towers are joined by a sky walk, and more than 50,000 square feet of amenities are available in the project.