Latest News | Brigade Group Forms JV to Build Housing Project in Chennai; Eyes Rs 1,500 Cr Revenue
Get latest articles and stories on Latest News at LatestLY. Realty firm Brigade Group on Monday said it has entered into an agreement to develop a housing project in Chennai with an estimated revenue of Rs 1,500 crore over the next five years.
New Delhi, Jun 27 (PTI) Realty firm Brigade Group on Monday said it has entered into an agreement to develop a housing project in Chennai with an estimated revenue of Rs 1,500 crore over the next five years.
The company has signed a Joint Development Agreement (JDA) to develop around 2.1 million square feet in Chennai, Brigade Group said in a statement.
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The land, located at Perumbakkam, just off OMR (Old Mahabalipuram Road) Sholinganallur junction, is spread over 15 acres and will be developed as a large residential township.
Many real estate developers are entering into JDAs with land owners, instead of buying land outrightly, to expand their businesses in a capital-light asset model.
"South India will continue to be a key focus for us, and this project is part of our strategy to expand our presence in Chennai. The project will have a revenue realisation of over Rs 1,500 crore in about 5 years.
"We expect a very positive response from customers, especially from the IT and ITeS sectors as it is located in the heart of the IT Office belt," said Pavitra Shankar, Executive Director and Head of Residential Business at Brigade Enterprises Ltd.
Brigade Group is targeting a revenue of about Rs 6,000 crore over the next five years from its Chennai residential business alone.
Further, as part of its consolidation plans in Chennai, the group is expanding their residential, commercial and retail verticals.
Established in 1986, Brigade Enterprises Ltd is one of India's leading property developers. It has developed many projects across South India, in the cities of Bengaluru, Mysuru, Hyderabad, Chennai and Kochi.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)