Brigade Group, a leading real estate developer, has announced a major expansion in Chennai with projects across commercial, residential, retail, and hospitality segments, involving a total outlay of ₹8,000 crore over the next 6-7 years.
One of the key projects is the Brigade Icon, which will offer residential, retail, and office spaces. Set to be the tallest building on Anna Salai, featuring ground plus 38 floors and located on land acquired from Sundaram Motors, the 5-acre property will house two towers, one for residential and the other for office space. The construction work has commenced.
“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.
Icon’s residential tower will offer 230 homes, featuring 3,4 and 5-bedroom apartments ranging from 2,500 sq ft to 5,000-6,000 sq ft.
A formal announcement on pricing for residences is expected in the coming weeks. Construction of the residential spaces has begun, with retail and office spaces to follow, including a 1 lakh sq ft retail area.
Overall investment
“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.
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The Bengaluru-headquartered Group has a pipeline of over 15 million sq ft of space across all the segments, with the residential segment comprising over 12 million sq ft. 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 sq ft of residential, office, hospitality, and retail spaces in Chennai, Brigade Group, with a land bank of 130 acres in the city, plans to launch over 3 million sq ft of residential projects and about 1 million sq ft of commercial development in Chennai during this fiscal.
While the Indian market is bucking the trend in the office space segment, the Group expects the hospitality business also to do well because of the revenge tourism that’s happening domestically. In partnership with Hyatt, Brigade Group is establishing a beach-facing resort on ECR Chennai over a 16-acre site and it is expected to spend about ₹300 crore to build this 200-room resort. This property will target segments such as weddings, MICE, and leisure travellers, said Nirupa Shankar.
Overall, the group has a pipeline of 12.61 million sq ft of new residential launches lined up across Bengaluru, Chennai, Hyderabad, and Mysore. Its consolidated revenue stood at ₹5,064 crore in FY24, up 42 per cent over FY23.