Brigade Enterprises has signed a JV to develop around 2.1 million square feet of residential apartments at Perumbakkam, which is one of the fast-emerging residential areas in Chennai.
Bengaluru-based realty firm Brigade Enterprises Ltd on June 27 said it has signed a joint development agreement to develop around 2.1 million square feet of residential apartments in Chennai.
The company is targeting a revenue of about Rs 6,000 crore over the next five years from its Chennai residential business, alone.
The land is located at Perumbakkam, just off OMR Sholinganallur junction, is spread over 15 acres and will be developed as a large residential township. Perumbakkam is one of the fast-emerging residential hubs in Chennai, witnessing increasing infrastructure development recently.
Pavitra Shankar, Executive Director and Head of Residential Business, Brigade Enterprises Ltd, said, "South India will continue to be a key focus for us, and this project is part of our strategy to expand our presence in Chennai.”
“The project will have a revenue realisation of over Rs 1,500 crore in about five years. We expect a positive response from customers, especially from the IT and ITeS sectors as it is located in the heart of the IT office belt," he added.
Further, as part of its consolidation plans in Chennai, the group is expanding its presence in the residential, commercial and retail verticals.
Shares of Brigade Enterprises ended at Rs 440.60, up by Rs 4.05, or 0.93 percent on the BSE.