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Brigade Enterprises Ltd has acquired a 5.41-acre land parcel on Velachery Road in Chennai for INR 441.7 crore, aiming to develop a housing project with a gross development value (GDV) of approximately INR 1,600 crore. The Bengaluru-based real estate firm announced the acquisition in a regulatory filing earlier this week. The project is expected to offer around 0.8 million square feet of residential space. Managing Director Pavitra Shankar stated that the acquisition aligns with the company's strategy to expand its footprint in Chennai, which has now become its second largest market after consistent investments in business development.
Brigade Enterprises Ltd. has purchased a 5.41-acre plot of land on Chennai's Velachery Road for INR 441.7 crore. The Bengaluru-based real estate major disclosed the acquisition in a regulatory filing earlier this week, emphasising the development's significant gross development value (GDV) of approximately INR 1,600 crore. Advertisement
The project is anticipated to encompass around 0.8 million square feet of high-quality residential space, marking another major step in Brigade Enterprises' ongoing efforts to expand its footprint in Chennai, a city that has now become its second largest market after consistent and targeted investments. Pavitra Shankar, Managing Director of Brigade Enterprises, highlighted that the acquisition is aligned with the company's long-term strategy of focusing on marquee land parcels in prime locations to address the growing demand for premium residential spaces in the city.
Shankar also noted that the company's decision to invest in Velachery Road was driven by the area's emerging reputation as a key residential and commercial corridor, with well-developed infrastructure and high connectivity. "Our objective is to cater to the strong demand for superior residential offerings in Chennai, and this acquisition reaffirms our commitment to enhancing our market presence in this city," she added.
Founded in 1986, Brigade Group has established itself as one of India's foremost property developers, with a robust portfolio that spans residential, commercial, retail, hospitality, and educational sectors. Over the years, the firm has consistently invested in high-growth markets, strategically selecting locations that offer strong market potential. The latest acquisition on Velachery Road underscores Brigade's aggressive growth strategy, aiming to capitalise on emerging market dynamics while reinforcing its legacy of delivering premium real estate developments.
Source - PTI
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