The company has signed an MoU with Chennai Metropolitan Development Authority (CMDA) for setting up two high-rise residential buildings in the IT belt of Sholinganallur, with an investment of over Rs 2000 crore.

The second MoU is with ELCOT, Information Technology and Digital Services Department (IT&DS), Government of Tamil Nadu, which entails an investment of around Rs 1400 crore for high rise commercial and residential developments, across different micro-markets including Mount Road.

These projects are expected to be completed within the next three-four years. The Government of Tamil Nadu will provide the necessary support and regulatory facilitation subject to applicable laws.

Pradyumna Krishnakumar, executive director, Brigade Enterprises, said: "Chennai continues to be a prime focus area for us across residential, commercial and hospitality. These sectors have shown phenomenal promise in terms of growth and potential during the last year.

Also, Chennai is an emerging IT/ITES and Healthcare hotspot and the demand for absorption of commercial spaces is high. This in turn will drive demand for residences."

Brigade Enterprises is the flagship company of the Brigade group and is one of the largest real estate players in South India. Till date, it has developed over 300 lakh sq. ft, 80% of which has been in the residential segment. Though it mainly focuses on the Bengaluru market, Chennai is emerging as the second large market for the entity. The group has developed projects in Mysuru, Cochin, Chennai, Hyderabad, and Ahmedabad.

The real estate company’s consolidated net profit surged 72.08% to Rs 133.50 crore on 55.43% jump in revenue from operations to Rs 1,366.58 crore in Q2 FY24 over Q2 FY23.