Latest News | Brigade Enterprises Acquires 5.41 Acre Land in Chennai
Get latest articles and stories on Latest News at LatestLY. Real estate developer Brigade Enterprises Ltd has acquired a 5.41-acre land parcel in the city for Rs 441.70 crore to establish a premium residential project, a top official said on Wednesday.
Chennai, May 14 (PTI) Real estate developer Brigade Enterprises Ltd has acquired a 5.41-acre land parcel in the city for Rs 441.70 crore to establish a premium residential project, a top official said on Wednesday.
The project, set to come up on Velachery Road in Chennai, will have a gross development value (GDV) of about Rs 1,600 crore, with a development potential of approximately 0.8 million sq ft, the Bengaluru-headquartered firm said.
Located in Velachery and adjacent to Phoenix Market City, this acquisition is part of Brigade Group's planned expansion in the Chennai market, the company stated in a release.
The acquisition was made through an 'outright purchase' deal with a transaction value of Rs 441.70 crore, it added.
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"Chennai has grown into our second-largest market after consistent and strategic investment in business development. This acquisition reinforces our commitment to expanding our footprint in the city, focusing on marquee land parcels in prime locations," said Pavitra Shankar, managing director of Brigade Enterprises Ltd.
Brigade Group's commitment to quality and innovation will be reflected in the upcoming signature residences, which will blend aesthetics, functionality, and sustainability.
"Our goal is to meet the strong demand for thoughtfully designed, high-quality residential spaces that align with the aspirations of modern consumers. Velachery's prime location and connectivity make it an ideal spot for creating a vibrant community, in line with our vision of delivering exceptional living experiences," Shankar added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)