Bengaluru realtor buys site in Chennai's Velachery for Rs 441 crore
CHENNAI: Brigade Enterprises Ltd of the Bengaluru-based Brigade Group has acquired 5.41 acres of land in Velachery for Rs 441.7 crore, marking a significant step in the company's expansion in the city's residential market.
The site, adjacent to Phoenix Market City and offering proximity to both the IT corridor along OMR and the central business district, is expected to yield a project with a gross development value of approximately Rs 1,600 crore. The development potential is estimated at around 800,000 square feet.
Brigade is already developing a high-rise project on Anna Salai formerly owned by Sundaram Motors. Known as Brigade Icon, it includes a 150-metre tower with 38 floors and a second tower of 15 to 16 floors. It is being constructed using a premium floor space index of 4.87 among the highest allowed on that stretchand is expected to be completed in four to five years.
The Anna Salai site was believed to be acquired for over Rs 500 crore and forms part of Brigade's broader investment commitment in Tamil Nadu. Brigade Group has pledged Rs 8,000 crore in investments and plans to triple the number of its Chennai projects by 2030. The company currently holds a land bank of approximately 130 acres.
'Chennai has become our second-largest market after sustained investments in land and development,' said Pavitra Shankar, Managing Director of Brigade Enterprises.
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