Brigade Group to invest ₹400 crore to develop office space in Chennai

Brigade Group has entered into a JDA with Agni Estates & Foundations Pvt Ltd to develop the project with a leasable area of 8.36 lakh sq ft

Published on: Apr 15, 2024, 20:31:40 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

Brigade Enterprises Limited will be investing ₹400 crore to develop a commercial project in Chennai, the company said in a statement.

Brigade Enterprises Limited will be investing ₹400 crore to develop a commercial project in Chennai (Picture for representational purposes only) (Pexel)

The company has entered into a Joint Development Agreement (JDA) with Agni Estates & Foundations Pvt Ltd to develop Brigade Tech Boulevard, a ‘Grade A’ office space on Pallavaram-Thoraipakkam Radial Road, in Chennai.

The project will have a leasable area of 8.36 lakh sq ft spread across two towers. This will be the next commercial launch by Brigade Group after the successful completion of the landmark ‘World Trade Center’ on OMR.

Also Read: Brigade Group plans to launch more than 6.5 mn sq ft of housing projects in Bengaluru and Chennai; Invest ₹2700 cr

“Chennai is a diverse office market with demand from not only IT and ITeS sector but also from several other industry verticals including engineering, automotive and banking, etc. Brigade Tech Boulevard will be of world-class quality, with significant focus on sustainability, similar to all our commercial developments across cities," said Nirupa Shankar, Joint Managing Director, Brigade Enterprises Limited.

“Given the pre-leasing commitments that Radial Road has had in the past, we are confident that the leasing momentum would increase further with this development,” she said.

Also Read: Brigade Group signs joint development agreement for office space in Bengaluru worth ₹340 crore

“We have partnered with Brigade for this project given their business acumen on delivering good returns on investment," said N Jayaprakash, chairman of Agni Estates & foundations Pvt Ltd.

Instituted in 1986, the Brigade Group has completed more than 280 buildings amounting to over 83 million sq. ft of developed space across a diverse real estate portfolio.

Also Read: Office market surges to 16.2 mn sq ft transactions in Q1 2024; Residential sector keeps pace with sale of 86,345 units

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Real Estate News

Stay updated with the latest Real Estate News, property prices, housing trends and major projects. Explore market updates, investment insights and property developments across India.