Brigade Group Unveils ₹8,000-Crore Expansion Plan for Chennai

Brigade Group, a prominent real estate developer, has unveiled an ambitious expansion plan in Chennai, committing ₹8,000 crore over the next 6-7 years. This expansion includes projects across commercial, residential, retail, and hospitality segments.

A key highlight is the Brigade Icon, which will feature residential, retail, and office spaces. Set to become the tallest building on Anna Salai with 38 floors, the 5-acre property acquired from Sundaram Motors will have two towers—one for residential and the other for office use. Construction has already begun.

“We estimate a completion time of 5 plus one year. The project is being designed by Singapore-based SOG Design,” said Pavitra Shankar, Managing Director, Brigade Enterprises Ltd. The residential tower will offer 230 homes, including 3, 4, and 5-bedroom apartments ranging from 2,500 to 6,000 square feet.

A formal announcement on pricing for the residences is expected soon. While construction on residential spaces has commenced, the retail and office spaces will follow, featuring a 1 lakh square feet retail area. “Our overall investment for this project is about ₹1,000 crore, including the land. We have self-funded the land purchase, while the remaining portion will be funded through internal accruals. Brigade Group has a strong balance sheet. Retail and office spaces will face Mount Road, with residential access from Whites Road,” added Nirupa Shankar, Joint Managing Director, Brigade Enterprises Ltd.

The Bengaluru-headquartered Group has over 15 million square feet of space in the pipeline across all segments, with the residential segment comprising over 12 million square feet. The gross development value (GDV) of residential projects is estimated at ₹13,000 crore plus, including ₹1,800 crore for the residential part of Brigade Icon.

Having completed over 5 million square feet of residential, office, hospitality, and retail spaces in Chennai, Brigade Group plans to launch over 3 million square feet of residential projects and about 1 million square feet of commercial development in the city this fiscal. The Group has a substantial land bank of 130 acres in Chennai.

While the Indian market shows resilience in the office space segment, the Group anticipates strong performance in the hospitality sector due to a surge in domestic tourism. In collaboration with Hyatt, Brigade Group is developing a beach-facing resort on ECR Chennai over a 16-acre site, investing about ₹300 crore to build this 200-room resort. This property will cater to weddings, MICE, and leisure travellers, said Nirupa Shankar.

Overall, the group has 12.61 million square feet of new residential launches planned across Bengaluru, Chennai, Hyderabad, and Mysore. Brigade Group's consolidated revenue for FY24 stood at ₹5,064 crore, marking a 42 percent increase over FY23.

HBL