Brigade Group has entered into a joint development agreement to build a 1 million square feet residential project in West Chennai, with an estimated gross development value (GDV) of ₹800 crore, the company announced on Tuesday.
As reported by the Hindustan Times, this residential project is part of a larger 1.5 million square feet mixed-use development. However, the identity of Brigade’s joint venture partner has not been disclosed.
Pavitra Shankar, Managing Director of Brigade Enterprises Limited, commented, “This joint development agreement for a 1 million square feet residential development, forming part of a larger mixed-use project, underscores our commitment to the city’s growth and our vision to deliver world-class residential, commercial, retail, and hospitality spaces.”
The company has not yet provided further details regarding the project, but additional information is expected to be finalized soon, according to Brigade’s response to HT.com’s queries.
Earlier this year, in July, Brigade Group announced plans to launch nearly 15 million square feet of residential, office, retail, and hospitality space in Chennai. The company plans to invest over ₹8,000 crore in these developments. The GDV of the residential projects alone in the city is estimated to exceed ₹13,000 crore.
Brigade’s expansion in Chennai aims to position the city as its second-largest market, behind its home base in Bengaluru. Shankar emphasized the company’s goal of doubling its growth in Chennai by expanding all four verticals: residential, commercial, retail, and hospitality.