Brigade Group acquires 5.4-acre land parcel in Chennai for ₹441 crore to develop a housing project
Bengaluru-based listed real estate developer Brigade Group has acquired a 5.41-acre land parcel in Chennai's Velachery Road for ₹441 crore to develop a housing project, the company said in a regulatory filing on May 14.
The residential project will have a gross development value (GDV) of approximately ₹1,600 Crore, with a development potential of about 0.8 million square feet.
The deal was facilitated by real estate consultant Knight Frank India. Strategically positioned, the project will offer connectivity to both the IT Corridor of OMR and the Central Business District (CBD), Knight Frank 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," Pavitra Shankar, managing director, Brigade Enterprises Limited, said.
Chennai has emerged as a strategic hotspot for leading South India-focused developers, Reshmi Panicker, executive director, Land and Residential Services, Knight Frank India, said. "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.'
Also Read: Brigade Group to jointly develop 1 million square feet residential project in Chennai
Brigade said that it plans to launch close to 15 mn sq ft of residential, office, retail and hospitality space in Chennai, for which it will invest close to over ₹8,000 crore.
"Our focus is on the three big South Indian markets of Bengaluru, Chennai and Hyderabad. Chennai is set to become our second-largest market after Bengaluru, and we aim to double our growth in the city across residential, commercial, retail and hospitality," Shankar had said earlier.
In March, the Group announced the launch of a high-end residential project in Sholinganallur, Chennai, with an estimated revenue potential of ₹1,700 crore. Spread across 6.5 acres, the development covers 1.4 million square feet and includes three landmark towers, each rising 43 storeys high.
Brigade Group said that the project will reach a height of approximately 143 meters, offering residents panoramic views of the city and its surrounding landscapes. It said the towers are connected by a sky bridge, and the project features 50,000 sq ft of amenities.
In November last year, Brigade Group said it had signed a joint development agreement to build apartments spanning one million square feet, with a gross development value of ₹800 crore in Chennai. The residential project is located in West Chennai, and will be developed as part of a 1.5 million square feet mixed-use development, the company added.
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