Brigade Group acquires Prime Land Parcel on Velachery Road for Premium Residential Development

Brigade Enterprises Limited, the flagship Company of Brigade Group, one of India's leading property developers, has acquired a 5.41-acre 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 ₹1,600 Crore, with a development potential of about 0.8 million square feet. The transaction value of the acquisition is about INR 441.70 Crores.

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.

Commenting on the development, Pavitra Shankar, Managing Director, Brigade Enterprises Limited 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 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."

Shares of Brigade Enterprises Limited was last trading in BSE at Rs. 1091.45 as compared to the previous close of Rs. 1079.75. The total number of shares traded during the day was 6406 in over 548 trades.

The stock hit an intraday high of Rs. 1103.95 and intraday low of 1069.10. The net turnover during the day was Rs. 6969234.00.

Source : Equity Bulls

Keywords

BrigadeEnterprises INE791I01019 Realty LandAcquisition PrimeLand VelacheryRoad PremiumResidentialDevelopment