Brigade Group has signed a Joint Development Agreement to develop around 2.1 million square feet in Chennai. The land, located at Perumbakkam, just off OMR Sholinganallur junction, is spread over 15 acres and will be developed as a large residential township. Perumbakkam is one of the fast-emerging residential hubs in Chennai, witnessing increasing infrastructure development recently.
"South India will continue to be a key focus for us, and this project is part of our strategy to expand our presence in Chennai. The project will have a revenue realisation of over Rs. 1500 Crores in about 5 years. We expect a positive response from customers, especially from the IT and ITeS sectors as it is located in the heart of the IT Office belt." said Ms. Pavitra Shankar, Executive Director and Head of Residential Business, Brigade Enterprises Ltd.
Brigade Group is targeting a revenue of about Rs 6,000 Cr over the next 5 years from its Chennai residential business, alone. Further, as part of its consolidation plans in Chennai, the Group is expanding its presence in the Residential, Commercial and Retail verticals.
Shares of Brigade Enterprises Limited was last trading in BSE at Rs. 440.60 as compared to the previous close of Rs. 436.55. The total number of shares traded during the day was 3830 in over 557 trades.
The stock hit an intraday high of Rs. 452.40 and intraday low of 436.30. The net turnover during the day was Rs. 1685725.00.