Chennai, Feb 21 (PTI) Real estate developer Brigade Enterprises Ltd has drawn up aggressive expansion plans in Chennai as it signed an agreement for joint development with PVP Ventures Ltd for a residential project in the city, the company said on Wednesday.
The Bengaluru-headquartered company also plans to build a 250 room resort, the first such project by the realtor in Chennai, which will come up on the East Coast Road, the company said, adding that they are in talks with hoteliers for management of the operations.
“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”, Brigade group Managing Director Pavitra Shankar said.
The company’s proposed partnership with PVP Ventures Ltd is for development of a 2.5 million sq ft, high-rise residential project, spread across 16 acres in Perambur in north Chennai.
The residential sector is showing sustained growth across the country, with Chennai gaining momentum from the increased presence of IT/ITES and automotive manufacturing in the region, Pavitra Shankar said.
“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” she said.
Brigade Enterprises Ltd, Joint Managing Director, Nirupa Shankar said, “The ECR property 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.” “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,” she said. PTI VIJ SDP
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