Brigade Enterprises Unveils Luxury Project in Chennai, Boosts Residential Portfolio
Brigade Enterprises launches premium-luxury mixed-use project in Chennai, expects FY-25 residential launches to see an average pricing of ₹10,000/sqft.
Brigade EnterprisesLuxury ProjectChennaiReal EstateResidential PortfolioReal Estate NewsJun 13, 2024
The launch of Brigade Icon has confirmed reports of a large-scale mixed-use development on the 5.5-acre land bank on Mount Road, which was procured from the TVS Group for approximately ₹550 crore in early 2022.
On completion of the project, Chennai will become Brigade's second-largest market in India, with the company having a presence in the South with its residential, office, hospitality, and retail projects in Bengaluru, Hyderabad, and Chennai. Brigade has also announced an investment of ₹8,000 crore to build 15 million square feet of real estate in Chennai by 2030.
The Gross Development Value from the company's overall residential portfolio in Chennai is approximately ₹13,000 crore. Brigade expects its overall residential portfolio to go north of ₹9,000/sqft in average weighted price this fiscal, with a large part of that upward shift courtesy of launches like Brigade Icon, with premium price tags.
The company has earmarked ₹1,000 to ₹1,500 crore towards land acquisition this fiscal, with a focus on the Hyderabad and Chennai markets. Brigade wants Hyderabad and Chennai to account for a larger part of its portfolio, with Bengaluru presently contributing 90% to its residential sales.
Incidentally, the announcement of Amaravati as the full-time capital of Andhra Pradesh by the recently formed TDP Government has evoked interest in the real estate market. However, Brigade will adopt a wait-and-watch approach before planning real estate development in the new city.
Brigade Enterprises is a leading real estate developer with a presence in the South with its residential, office, hospitality, and retail projects in Bengaluru, Hyderabad, and Chennai. The company has announced an investment of ₹8,000 crore to build 15 million square feet of real estate in Chennai by 2030.
Brigade Enterprises is a Bengaluru-based real estate major with a strong presence in the South.
Frequently Asked Questions
What is the expected price of Brigade Icon?
The expected price of Brigade Icon is above ₹20,000 per square foot.
How many apartments will be launched at Brigade Icon?
200 apartments, including penthouses, will be launched at Brigade Icon.
What is the Gross Development Value of Brigade Icon?
The Gross Development Value of Brigade Icon is ₹1,800 crore.
Where does Brigade Enterprises have a presence in the South?
Brigade Enterprises has a presence in Bengaluru, Hyderabad, and Chennai in the South.
What is the company's investment plan for Chennai?
Brigade Enterprises has announced an investment of ₹8,000 crore to build 15 million square feet of real estate in Chennai by 2030.
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