Bengaluru-based property developer Brigade Group has announced that it would invest about ₹2,000 crore to develop an additional one million square feet each in residential and commercial spaces over the next three to five years in Chennai.
“Brigade will continue to focus on the South Indian market, and is aiming to increase the contribution of Chennai and Hyderabad markets in its overall portfolio,” said Hrishikesh Nair, COO, Chennai Operations, Brigade Enterprises Ltd.
“This investment will be in residential, commercial, hospitality and retail verticals of the group,” he said in a statement.
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According to Mr. Nair, Brigade Group has developed 2 million sq.ft. of commercial space in Chennai and plans to complete one million square feet in residential and commercial spaces additionally at an investment of approximately ₹2,000 crore in the next 3-5 years in the city for which it had already identified land parcels. The developer also announced the launch of Zenith Tower of Brigade Residences at the World Trade Centre, Chennai.
This is Brigade’s second residential tower project after Astra, which was unveiled in 2019.
Brigade said it had already received 30% pre-launch bookings for Zenith, which comprises 149 units of three bedroom homes and four bedroom penthouses spread across 26 floors.
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“The demand in the premium residential market in Chennai has witnessed a sharp increase, with a change in the demographics where younger couples are looking to invest in residences,” he said. In the second quarter, Brigade Enterprises posted a 73% increase in sales value at ₹831 crore sequentially, with net area sales of 1.3 million sq. feet.