"Brigade Group Inks MOUs Valued at Over ₹3,400 Crores at Tamil Nadu Global Investors Meet 2024"

Brigade Enterprises Limited, a prominent real estate developer, has formalized Memorandums of Understanding (MoUs) with the Government of Tamil Nadu, outlining an investment of over ₹3,400 crores. The agreements, signed during Tamil Nadu's Global Investors Meet 2024, are anticipated to generate employment opportunities for approximately 25,000 individuals over the next three to four years.

Brigade Enterprises engaged in two key MoUs—one with the Chennai Metropolitan Development Authority (CMDA) and the other with the Electronics Corporation of Tamil Nadu (ELCOT), under the Information Technology and Digital Services Department. The first MoU, in collaboration with CMDA, focuses on Brigade's expansion in Chennai. It entails the development of two high-rise residential buildings in the IT belt of Sholinganallur, with a committed investment exceeding ₹2000 crores.

The second MoU with ELCOT involves an investment of around ₹1400 crores for the establishment of high-rise commercial and residential projects across various micro-markets, including the prominent Mount Road area. These initiatives are slated for completion within the next three to four years. The Government of Tamil Nadu has pledged necessary support and regulatory facilitation, aligning with applicable laws.

Pradyumna Krishnakumar, Executive Director of Brigade Enterprises Ltd., expressed confidence in the growth potential of Chennai, emphasizing the city's significance across residential, commercial, and hospitality sectors. He highlighted Chennai's emergence as a hub for IT/ITES and healthcare, driving demand for commercial spaces and subsequently influencing residential requirements. Krishnakumar acknowledged the support of the Tamil Nadu Government, emphasizing the real estate sector's vital role as a key contributor to the state's exchequer.

The signing ceremony included participation from key officials, with the MoU between Brigade Enterprises and ELCOT being formalized by Shri. Pradyumna Krishnakumar and Dr. S Aneesh Sekhar, IAS, Managing Director of ELCOT. The MoU with CMDA was executed by Shri. Hrishikesh Nair, Chief Operating Officer of Brigade Enterprises, and Shri. Anshul Mishra, IAS, Member Secretary of CMDA.

EQUITYBULLS