Bangalore-based Brigade is expanding its presence in Chennai with another residential project in Velachery costing nearly Rs 600 crore. It plans a high-rise group development at Raptakos, Brett & Company Limited facility, which has been closed for many years. The site is sandwiched between the Phoenix Mall and Westside, said multiple sources.
Brigade plans a residential complex of 21,004 sq m consisting of four towers, each 18 floors high, with 400 dwelling units.
It’s a speculation, said a company spokesperson when asked to comment on the new project.
In Chennai, Brigade has 125 acres and 17 million sq ft of developable area. It has six projects in Chennai both delivered and under construction – Brigade Vantage (retail), WTC Chennai (office), Brigade Residences at WTC (residential), Holiday Inn (hospitality), Brigade Xanadu (residential) and Icon, which was recently launched, a mixed-use development, sources said.
A notice pasted by the pharmaceutical company outside the unit said multiple factors led to the factory’s closure, which was constructed almost more than 60 years ago. At that time, the factory was located almost outside the municipal limits of the city. However, the boundaries of the city have grown, and the factory is right in the middle of residential areas. As a result, traffic restrictions exist on the movement of heavy vehicles. This is a factor beyond the company’s control and affects effective operations.
Every year due to heavy rains cyclone there is flooding in the factory premises. This has become a perennial problem every year beyond the control of the company, thus affecting the effectiveness of the company’s operations.
Residents also complained of the smell from the factory, and workers’ non-cooperation for quite some time led to low production. Since the building was too old, permission to recommence the operations will be time-consuming and financially unviable. Chennai unit is not financially viable in the long run, the notice said.
