Shares of Brigade Enterprises Ltd were trading 2% higher on 8 November after the company announced that it had expanded its presence in Chennai by entering into a Joint Development Agreement for a residential project that will span approximately one million square feet and have a Gross Development Value (GDV) of approximately Rs 800 crore.

The project would be part of a 1.5 million square foot mixed-use development in West Chennai, one of the places in the city with the quickest rate of growth. By diversifying across verticals, Brigade intends to double its growth in Chennai.

As part of a broader mixed-use development, this collaborative development agreement for a 1 million square foot residential complex highlights our dedication to the city’s expansion and our goal of providing top-notch residential, commercial, retail, and hospitality areas. Brigade Enterprises’ managing director, Pavitra Shankar, stated.

Brigade Enterprises plans to begin construction on projects totalling over 15 million square feet (MSF) in the retail, hospitality, commercial, and residential sectors in FY25 and FY26. With the intention of using the funds for expansion and land acquisition, the developer recently collected Rs 1,500 crore through a Qualified Institutional Placement (QIP). Brigade wants to spend Rs 4,500 crore over the course of the following two years to buy land assets.

The developer has made a few forays in Chennai and Hyderabad, among other places, in an effort to lessen its dependency on the Bengaluru real estate market.

In order to generate Rs 900 crore through an initial public offering (IPO), Brigade Hotel Ventures, which is owned by the Brigade Group and develops hotels in South India, has submitted draft documents to markets regulator Sebi.

However, at 11:42 am, the shares of Brigade Enterprises shed all their early gains and were trading 2.07% lower at Rs 1,131.50 on NSE.

The future of investing is here!
Unicorn Signals leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app todayand 10x your trading & investing journey!