Brigade Group to jointly develop 1 million square feet residential project in Chennai

The housing project, set to be located in West Chennai, will be developed as part of a 1.5 mn sq ft mixed-use development. It will have a GDV of ₹800 crore

Real estate developer Brigade Group on November 7 said it has signed a joint development agreement to build apartments spanning one million square feet, with a gross development value of ₹800 crore in Chennai.

Brigade Group to jointly develop 1 million square feet residential project in Chennai. (Representational photo) (Pixabay)

The residential project, set to be located in West Chennai, will be developed as part of a 1.5 million square feet mixed-use development, the company said in a regulatory filing.

Brigade Group did not disclose the identity of the joint venture partner.

 “This joint development agreement for a 1 million sq ft residential development, forming part of a larger mixed-use development, underscores our commitment to the city's growth and our vision to deliver world-class residential, commercial, retail and hospitality spaces,” said Pavitra Shankar, Managing Director, Brigade Enterprises Limited.

Earlier this year in July, Brigade Group had said that it plans to launch close to 15 mn sq ft of residential, office, retail and hospitality space in Chennai for which it will invest close to over ₹8,000 crore.

The gross development value of the residential projects in the city alone are estimated to be over ₹13,000 crore, the company had said.

With this, Chennai is expected to be the second largest market after the real estate company's home turf Bengaluru.

“Our aim is to double our growth in the city by expanding all four verticals of residential, commercial, retail and hospitality,” Shankar has said during the announcement.