The project, which will span 0.8 million square feet, is expected to have a gross development value (GDV) of approximately ₹1,600 crore. The location, adjacent to Phoenix Market City and offers seamless connectivity to the IT corridor on OMR and the central business district (CBD).
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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.”
“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,” he added.
Shares of Brigade Enterprises Limited ended at ₹1,082, up by ₹2.25, or 0.21%, on the BSE.
Also Read: Brigade Enterprises acquires 11 acres near IT park in Bengaluru for ₹2,000-crore project
