Brigade Enterprises enters into joint development agreement with Agni Estates for Developing ₹400 Crore Office Space in Chennai
Brigade Enterprises Limited has announced a substantial investment of ₹400 crore towards the development of a commercial project in Chennai. The venture, named Brigade Tech Boulevard, is a 'Grade A' office space located on the Pallavaram-Thoraipakkam Radial Road.
Under a Joint Development Agreement (JDA) with Agni Estates & Foundations Pvt Ltd, Brigade Group aims to construct a state-of-the-art commercial complex spanning an impressive leasable area of 8.36 lakh sq ft across two towers. This project marks Brigade Group's significant foray into the commercial real estate sector in Chennai following the successful completion of the renowned 'World Trade Center' on OMR.
Nirupa Shankar, the Joint Managing Director of Brigade Enterprises Limited, emphasized the strategic importance of Chennai as a diverse office market, catering not only to the IT and ITeS sectors but also to various other industries such as engineering, automotive, and banking. The development of Brigade Tech Boulevard underscores the company's commitment to delivering world-class quality and sustainability across all its commercial endeavors.
The partnership with Brigade Group signifies a mutual understanding of delivering value and returns on investment, as highlighted by N Jayaprakash, the Chairman of Agni Estates & Foundations Pvt Ltd.
The initiative to invest in commercial real estate aligns with the growing demand for office spaces in Chennai, reflecting the city's robust economic landscape and its attractiveness to various industries.
As the industrial and warehousing sector continues to witness growth, particularly in cities like Mumbai and Chennai, investments in commercial projects like Brigade Tech Boulevard are poised to contribute significantly to the evolving real estate landscape of Chennai, offering modern infrastructure and fostering economic development.
The collaboration between Brigade Group and Agni Estates & Foundations Pvt Ltd signifies a strategic partnership aimed at addressing the evolving needs of the commercial real estate market in Chennai, while also emphasizing sustainability and quality in construction and design.
