HomeBusiness NewsCompanies NewsBrigade targets a total development value of ₹13,000 crore from its Chennai residential portfolio
Brigade targets a total development value of ₹13,000 crore from its Chennai residential portfolio
The Chennai Mount Road project has total development value of around ₹1,800 crore. It is about a million square feet in total with 60% in residential and the rest from office and retail spaces.
Brigade Enterprises is doubling down on its presence in the Chennai market. The company plans to launch the mixed-use development at its recently acquired land bank on Mount Road, Chennai with home prices starting at ₹20,000 per square foot.
The Bengaluru-based company expects an overall gross development value (GDV) of ₹13,000 crore from the overall residential portfolio in Chennai.
“Over the last few years, we have expanded our footprint in Chennai specifically. So far we have done 3-5 projects across residential, hotel, office and a small retail building as well. Our clients for Chennai have expanded dramatically and it will become our second-largest market after Bengaluru,” Pavitra Shankar, MD, Brigade Enterprises said in an interview with CNBC-TV18.
Shankar said the GDV of the Mount Road project is around ₹1,800 crore.
The project is about a million square feet in total with 60% in residential and the rest from office and retail.
Brigade will be launching around 200 apartments starting from 3, 4 and 5 bedrooms, which includes penthouses as part of the project, she said.
Brigade Enterprises is predominantly a Bengaluru-based firm. A lot of its current presence happens to be in Bengaluru and Mysore. It is developing across Chennai, Hyderabad, Kochi, Trivandrum, some of the smaller cities in South India as well and also GIFT City.
“The investment for that is around an additional ₹8,000 crore. Of that, in the next financial year, we plan to launch a few projects around 3 msf in residential and 1 msf in office,” she said.
Also Read | Brigade Enterprises Q4 Results: Dividend declared, profit zooms over 3x, revenue more than doubles
Shankar sees more opportunities in the hotel and retail segment in Chennai.
“We would like Chennai and Hyderabad to take a larger share of our overall portfolio whether it is residential, office or hotel,” she said.
Also Read | Brigade Enterprises signs deal for Bengaluru residential project valued at ₹660 crore
In terms of land investment, around ₹1,000-1,500 crore is being earmarked for the acquisition of land banks this fiscal.
“We will be looking at both joint developments as well as outright purchases of land bank,” she said.
The current market capitalisation of the company is ₹31,103 crore.
For more, watch the accompanying video
The Bengaluru-based company expects an overall gross development value (GDV) of ₹13,000 crore from the overall residential portfolio in Chennai.
“Over the last few years, we have expanded our footprint in Chennai specifically. So far we have done 3-5 projects across residential, hotel, office and a small retail building as well. Our clients for Chennai have expanded dramatically and it will become our second-largest market after Bengaluru,” Pavitra Shankar, MD, Brigade Enterprises said in an interview with CNBC-TV18.
Shankar said the GDV of the Mount Road project is around ₹1,800 crore.
The project is about a million square feet in total with 60% in residential and the rest from office and retail.
Brigade will be launching around 200 apartments starting from 3, 4 and 5 bedrooms, which includes penthouses as part of the project, she said.
Brigade Enterprises is predominantly a Bengaluru-based firm. A lot of its current presence happens to be in Bengaluru and Mysore. It is developing across Chennai, Hyderabad, Kochi, Trivandrum, some of the smaller cities in South India as well and also GIFT City.
The company is looking to develop an overall 15 million square feet (msf) across all of segments--residential, office and hotel.
“The investment for that is around an additional ₹8,000 crore. Of that, in the next financial year, we plan to launch a few projects around 3 msf in residential and 1 msf in office,” she said.
Also Read | Brigade Enterprises Q4 Results: Dividend declared, profit zooms over 3x, revenue more than doubles
Shankar sees more opportunities in the hotel and retail segment in Chennai.
“We would like Chennai and Hyderabad to take a larger share of our overall portfolio whether it is residential, office or hotel,” she said.
Also Read | Brigade Enterprises signs deal for Bengaluru residential project valued at ₹660 crore
In terms of land investment, around ₹1,000-1,500 crore is being earmarked for the acquisition of land banks this fiscal.
“We will be looking at both joint developments as well as outright purchases of land bank,” she said.
The current market capitalisation of the company is ₹31,103 crore.
For more, watch the accompanying video
(Edited by : Shweta Mungre)
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