Brigade Grp signs JDA for Chennai proj, eyes Rs 1,500 cr revenues

Mumbai: Realty player Brigade Grp has signed an agreement to build a housing project in Chennai with about Rs 1,500 crore worth of expected revenues in the next five years.

IT has inked a Joint Development Agreement (JDA) to construct 2.1 mn sq ft in Chennai, Brigade Group said in a statement. The land is spread over 15 acres and the project will be developed as a township.

"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 1,500 crore in about 5 years. We expect a very positive response from customers, especially from the IT and ITeS sectors as it is located in the heart of the IT Office belt," said Pavitra Shankar, Executive Director, Brigade Enterprises.

Brigade Enterprises had reported a loss of Rs 11.6 crore in the last quarter of fiscal 2021-22 as compred to a profit of Rs 19.5 crore in the same quarter of fiscal 2020-2021.