Brigade Enterprises acquires 5.41 acre land in Chennai

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.
    "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.

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