| Our Bureau Chennai

Bengaluru-based Brigade Enterpriseshas acquired a 5.41 acre property in Chennai through an outright purchase valued at ₹442 crore.

Brigade acquired the property on Velachery Road, a much-in-demand location, from Raptakos, Brett & Co, a Mumbai-based pharmaceutical company. Brigade plans to develop a premium residential project with a total development potential of 8 lakh sq ft.

The Gross Development Value is approximately 1,600 crore, a company release said. businessline broke the story in September 2024.

The site is next to Phoenix Mallin Velachery.

A company statement said that the project will offer seamless connectivity to both the IT corridor of OMR

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and the Central Business District (CBD).

CHENNAI MARKET

Pavitra Shankar, Managing Director, Brigade Enterprises Ltd 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. Our aim is to address the strong de mand 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.”

In Chennai, Brigade has over 125 acres and 170 lakh sq ft of developable area. It has six projects in Chennai both delivered and under construction - Brigade Vantage (retail), WTC Chennai (office), Brigade Residences at WTC (residential), Holiday Inn (hospitality), Brigade Xanadu (residential) and Icon, which was recently launched as a mixed-use development.

On the NSE, the company’s share price closed at %1,085, up by ₹4.60 (0.43 per cent).