Brigade Enterprises added 1.12% to Rs 1,015.50 after the company signed a joint development agreement with PVP Ventures to develop 2.5 million square feet residential project in Chennai.
According to the agreement, it will develop a 2.5 million square feet, high- rise residential project, spread across 16 acres in Perambur, Chennai with a revenue potential of about Rs 2,000 crore.Brigade Hotel Ventures, a wholly owned subsidiary of Brigade Ent has signed a 45-year lease agreement with the landowners to build a 250-room resort on East Coast Road (ECR) in Chennai.
Pavitra Shankar, managing director 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. The residential sector is showing sustained growth across the country, with Chennai gaining momentum from the increased presence of IT/ITeS, BFSI, manufacturing, automotive, and GCC companies in the region. 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.
Nirupa Shankar, joint managing director said, 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 1200 keys over the next four years. Our aim is to cater to the discerning need of modern travellers while providing experiences that seamlessly combine luxury, comfort and impeccable service. The addition of this resort under the Brigade badge will not only enhance our portfolio but also contribute to the growth and development of the hospitality sector in the region.
Brigade Enterprises is one of Indias leading property developers. The company has developed properties in cities like Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru with developments across residential, office, retail and hotels.
The company reported 31% rise in consolidated net profit to Rs 55.8 crore on a 41% increase in revenue to Rs 1,208.2 crore in Q3 FY24 as compared with Q3 FY23.
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