CHENNAI: TVS Emerald has bought a 12-acre land to develop a real estate projects worth about Rs 2,800 crore.
The company did not disclose the cost of the acquisition of the land, which is located on Radial Road (PTR) in Chennai.
The land will have a development potential of 2.5 million square feet and a revenue potential of Rs 2,800 crore, the company said in a statement.
This marks the third acquisition of land by TVS Emerald in the current fiscal.
Earlier, the company acquired a 4-acre land parcel in Padur, Chennai and a 4-acre parcel in Thanisandra, Bengaluru.
Sriram Iyer, Director & CEO, TVS Emerald, said, "This landmark acquisition, reinforces our commitment to strategic growth and market leadership in Chennai and Bengaluru."
By securing this land on the premium Radial Road corridor, he said, the company is expanding footprint and creating substantial value for its stakeholders.
"This move aligns perfectly with our vision of developing world-class properties in high-potential locations," Iyer said.
TVS Emerald, a fully-owned subsidiary of TVS Holdings, is engaged in the business of developing residential projects and self-sustaining communities with presence in Chennai and Bengaluru.
It has delivered around 3.6 million sq.ft of residential developments in Chennai and has about 8.6 million sq.ft of under development projects.