Brigade Group to invest ₹400 crore to develop office space in Chennai


Brigade Enterprises Limited will be investing 400 crore to develop a commercial project in Chennai, the company said in a statement.

Brigade Enterprises Limited will be investing <span class=
Brigade Enterprises Limited will be investing 400 crore to develop a commercial project in Chennai (Picture for representational purposes only)(Pexel)

The company has entered into a Joint Development Agreement (JDA) with Agni Estates & Foundations Pvt Ltd to develop Brigade Tech Boulevard, a ‘Grade A’ office space on Pallavaram-Thoraipakkam Radial Road, in Chennai.

Unlock exclusive access to the story of India’s general elections, only on the HT App. Download Now!

The project will have a leasable area of 8.36 lakh sq ft spread across two towers. This will be the next commercial launch by Brigade Group after the successful completion of the landmark ‘World Trade Center’ on OMR.

Also Read: Brigade Group plans to launch more than 6.5 mn sq ft of housing projects in Bengaluru and Chennai; Invest 2700 cr

“Chennai is a diverse office market with demand from not only IT and ITeS sector but also from several other industry verticals including engineering, automotive and banking, etc. Brigade Tech Boulevard will be of world-class quality, with significant focus on sustainability, similar to all our commercial developments across cities,” said Nirupa Shankar, Joint Managing Director, Brigade Enterprises Limited.

“Given the pre-leasing commitments that Radial Road has had in the past, we are confident that the leasing momentum would increase further with this development,” she said.

Also Read: Brigade Group signs joint development agreement for office space in Bengaluru worth 340 crore

“We have partnered with Brigade for this project given their business acumen on delivering good returns on investment,” said N Jayaprakash, chairman of Agni Estates & foundations Pvt Ltd.

Instituted in 1986, the Brigade Group has completed more than 280 buildings amounting to over 83 million sq. ft of developed space across a diverse real estate portfolio.

Also Read: Office market surges to 16.2 mn sq ft transactions in Q1 2024; Residential sector keeps pace with sale of 86,345 units

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away! –Login Now!


Source link

Join The Discussion

Compare listings