CHENNAI: Realty firm Brigade Enterprises Ltd has acquired a 5.41-acre land parcel in Chennai for Rs 441.7 crore to develop a housing project.

Brigade Enterprises Limited, the flagship Company of Brigade Group, one of India’s leading property developers, has acquired the land parcel on Velachery Road, Chennai, through an outright purchase. Situated in the prime location of Velachery and adjacent to Phoenix Market City, this acquisition is part of Brigade Group’s planned expansion in the Chennai market. The project will have a gross development value (GDV) of approximately Rs 1,600 crore, with a development potential of about 0.8 million square feet.

The transaction value of the acquisition is about Rs 441.70 crore, as per a release.

Pavitra Shankar, managing director, Brigade Enterprises, 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."

The aim is to address the strong demand for high-quality residential spaces, she said.

Established in 1986, Brigade Group is one of India’s leading property developers in the country.