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In a strategic move to capitalize on burgeoning opportunities in Chennai’s real estate and hospitality sectors, Brigade Enterprises Ltd, a Bengaluru-based real estate developer, has announced ambitious expansion plans. The company revealed its intention to make Chennai its second largest market after Bengaluru, signaling a significant shift in its growth trajectory.
The announcement comes on the heels of Brigade Enterprises Ltd signing a joint development agreement with PVP Ventures Ltd for a substantial residential project in Chennai. This collaboration entails the development of a sprawling 2.5 million sq ft high-rise residential complex spanning 16 acres in Perambur, north Chennai.
Moreover, Brigade Group unveiled plans to venture into the hospitality sector in Chennai with the construction of a 250-room resort along the picturesque East Coast Road (ECR). This project marks the realtor’s inaugural foray into the hospitality domain in Chennai, with discussions underway for the management of the resort operations in collaboration with reputed hoteliers.
Pavitra Shankar, Managing Director of Brigade Group, underscored the strategic significance of Bengaluru, Chennai, and Hyderabad as focal markets for the company. She emphasized that the expansion initiatives in both residential and hospitality segments align with Brigade’s overarching growth strategy.
“The residential sector is witnessing sustained growth nationwide, with Chennai emerging as a dynamic market fueled by the escalating presence of IT/ITES and automotive manufacturing industries,” remarked Pavitra Shankar. “With an extensive land bank exceeding 12 million square feet for residential projects across Chennai, we anticipate Chennai to become our second largest market after Bengaluru.”
Echoing this sentiment, Nirupa Shankar, Joint Managing Director of Brigade Enterprises Ltd, shed light on the forthcoming resort project on the ECR. She articulated the company’s vision to augment its room inventory by an additional 1,200 keys over the next four years, positioning the ECR property as the inaugural resort under the Brigade banner.
“The addition of this resort underscores our commitment to diversifying our portfolio and catalyzing the growth of the hospitality sector in the region,” Nirupa Shankar affirmed.
Brigade Group’s ambitious expansion endeavors in Chennai not only signify its confidence in the city’s growth potential but also underscore its commitment to delivering innovative and high-quality projects that cater to evolving market demands. As the company forges ahead with its expansion agenda, stakeholders eagerly anticipate witnessing the transformative impact of these ventures on Chennai’s real estate and hospitality landscape.
Sources By Agencies
