Brigade Group acquired 5.41 acre parcel for Rs 441.70 cr in Chennai
Hyderabad, May 15 (UNI) Brigade Enterprises Limited, the flagship company of Brigade Group and a leading real estate developer headquartered in Bengaluru, said it has acquired a prime 5.41 acre land parcel in Velachery, Chennai – one of the city's most sought-after micro-markets.
The deal was facilitated by Knight Frank India, the exclusive transaction advisor, the company said in a release.
The project will have a gross development value (GDV) of around Rs 1,600 crore, with a development potential of 0.8 million square feet.
The transaction value of the acquisition is Rs 441.70 crores.
This land acquisition marked another milestone in Brigade's aggressive expansion strategy for Chennai, which is now the group's second-largest market after Bengaluru.
Strategically positioned, the project will offer seamless connectivity to both the IT Corridor of OMR and the Central Business District (CBD), making it an ideal choice for those seeking convenience and accessibility.
Brigade Group's commitment to quality and innovation will be reflected in the signature residences that seamlessly blend aesthetics, functionality, and sustainability. Residents will also enjoy a host of premium amenities.
Key developments in the city by Brigade Group include Brigade World Trade Centre and Tech Boulevard; Brigade Altius, recently launched in Sholinganallur about 6.5 acres; Brigade Xanadu - recently completed township in Mogappair about 33 acres and Brigade Icon on Mount Road, a mixed-use development acquired from TVS in early 2022.
These projects reflect Brigade's multi-sector strategy, spanning residential, commercial, retail, and hospitality segments.
Pavitra Shankar, Managing Director, Brigade Enterprises Ltd. said, " This acquisition reinforces our commitment to expanding our footprint in the city with a focus on marquee land parcels in excellent locations. Our aim is to address the strong demand for thoughtfully designed, high-quality residential spaces that resonate with the aspirations of modern consumers. Velachery's prime location and connectivity make it an ideal choice for creating a vibrant community, aligning with our vision of delivering exceptional living experiences.'
Dineshkumar R. Mishra, Sr. Vice President, Corporate Finance, Audit and Legal, Raptakos Brent & Co. 'The Brigade Group is well known for their landmark edifices across major cities in India and we expect that this purchase will make a great addition to their portfolio. Also, I want to acknowledge the role that Knight Frank India Pvt. Ltd have played as our partners in this venture.'
Reshmi Panicker, Executive Director, Land and Residential Services, Knight Frank India, commented 'This transaction highlights the increasing appetite for premium locations backed by strong infrastructure and long-term residential demand. The city is firmly on the radar for serious institutional capital and branded players, making a strong case for sustained residential investment.'
Gaurav Lal, Executive Director, Knight Frank India, said, 'The trust in a brand like Brigade commands, combined with marquee locations such as this acquisition near a prominent mall and ongoing developments like Brigade Icon on Mount Road, reflects the growing confidence in Chennai's residential potential.'
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