The Historic Mount Road to get a Premium Lifestyle Mixed-Use Development, Brigade Icon

Leading real estate developer, Brigade Group announced the launch of Brigade Icon Residences, part of an exquisite high-end mixed-use development located in the heart of Chennai's historic Mount Road. The company has planned an investment of over ₹ 8,000 Crores by 2030 in Chennai to expand its business in the city, with a strong pipeline of projects across the spectrum of residential, office, retail and hospitality for over 15 mn. sqft. The Gross Development Value (GDV) of the Residential Projects alone is estimated to be over ₹ 13,000 Crores.

Brigade Icon will be a mixed-use development, offering a blend of residential, retail, and office spaces, and will set a new benchmark in urban living. The project is designed by the globally renowned architect SOG Design based out of Singapore. The Residences will be G +38 floors, featuring three, four and five bed apartments from 2,500 sqft onwards and GDV will be over ₹ 1800 Crores. The design of Brigade Icon reflects the evolving cultural identity of the city, positioning the structure as a contemporary development that mirrors the rich heritage of Chennai.

In Chennai, Brigade Group has already completed over 5 mn sqft across residential, office, hospitality and retail real estate. Brigade's flagship project, World Trade Center Chennai in Perungudi, OMR is over 90% leased and houses marquee tenants. Brigade Group has a pipeline of over 15 mn sqft across all the segments, with the residential segment comprising over 12 mn sqft. In FY25, Brigade plans to launch over 3 mn sqft of residential projects and about 1 mn sqft of commercial development in Chennai.

Commenting on the new launches and planned expansion, Pavitra Shankar, Managing Director, Brigade Enterprises Ltd., said, "We are aware of the significance of Mount Road to the people of Chennai, and are very happy to bring Brigade Icon to the city's most iconic location. Not only is this one of the most important launches for Brigade in Chennai; it is also the most premium project in our residential portfolio.

Chennai will be the second largest market after our hometown Bengaluru. Our aim is to double our growth in the city by expanding all four verticals of residential, commercial, retail and hospitality. All sectors are witnessing strong demand, and we believe that our contribution to each of these sectors will make a difference not only to the city, but also to the lifestyle of people in the city. We have already signed MoUs with the State Government for four projects as part of their Global Investors Meet, approvals for which are in process."

Shares of Brigade Enterprises Limited was last trading in BSE at Rs. 1344.10 as compared to the previous close of Rs. 1398.00. The total number of shares traded during the day was 19984 in over 2488 trades.

The stock hit an intraday high of Rs. 1410.35 and intraday low of 1339.70. The net turnover during the day was Rs. 27261545.00.

Source : Equity Bulls

Keywords

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