Brigade to develop ₹2,000-crore Chennai high-rise project with PVP Ventures

Realty firm Brigade Enterprises Ltd on Wednesday (February 21) said it has signed a joint development agreement with PVP Ventures Ltd to develop a 2.5-million square feet, high-rise residential project, spread across 16 acres in Perambur, Chennai, with a revenue potential of about ₹2,000 crore.

"We would like to inform you that the company has signed a Joint Development Agreement with M/s PVP Ventures Limited to develop a 2.5 million square feet, high-rise residential project, spread across 16 acres in Perambur, Chennai with a revenue potential of about ₹2000 crore," according to a stock exchange filing.

Also, Brigade Group has signed a 45-year lease agreement to build a 250-room resort on East Coast Road (ECR) and is in talks with leading hoteliers for the management of operations.

"Brigade Hotel Ventures Limited, a Wholly Owned Subsidiary of the company has signed a 45-year lease agreement with the Landowners to build a 250-room resort on East Coast Road (ECR) in Chennai," the company said.

“Bengaluru, Chennai, and Hyderabad are key focus markets for Brigade and this strategic expansion in the residential and hospitality sectors are an integral part of the overall growth plan. We have a land bank of over 12 million square feet of residential projects across Chennai, which will be our second biggest market after Bengaluru," said Pavitra Shankar, Managing Director of Brigade Enterprises.

"We currently have a collective operational room count of around 1,500 rooms across five cities. The ECR property in Chennai will be our first resort and is part of our plan to increase our total room count by another 1,200 keys over the next four years," said Nirupa Shankar, Joint Managing Director of Brigade Enterprises.

Shares of Brigade Enterprises Ltd ended at ₹1,009, up by ₹24.80, or 2.52%, on the BSE.