Brigade Enterprises buys 5.41 acre land in Chennai for Rs 442 cr to build housing project

     Bengaluru, May 14 (PTI) Realty firm Brigade Enterprises Ltd has acquired a 5.41-acre land parcel in Chennai for Rs 441.7 crore to develop a housing project.
    In a regulatory on Wednesday, the company said it has purchased the land parcel on Velachery Road, Chennai.
    "The project will have a gross development value (GDV) of approximately Rs 1,600 crore, with a development potential of about 0.8 million square feet. The transaction value of the acquisition is about Rs 441.70 crore," the Bengaluru-based company said.
    Pavitra Shankar, Managing Director, Brigade Enterprises, said, "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 with a focus on marquee land parcels in excellent locations."
     The aims is to address the strong demand for high-quality residential spaces, she said.
     Established in 1986, Brigade Group is one of India’s leading property developers in the country.

(This story has not been edited by THE WEEK and is auto-generated from PTI)