Bengaluru Real estate developer Brigade Group has acquired nine acres of land at Perungudi along the Old Mahabalipuram Road (OMR) in Chennai on a long-term lease from YMCA, marking one of the most significant transactions on the city's IT corridor in recent years.
The site that the Bengaluru-based company has leased for 55 years is located in a prime stretch where large land parcels are extremely scarce. It offers a development potential of 1.6 million sq ft, a person close to the deal said. While financial terms weren't available, experts said an acre of land at Perungudi would cost ₹54 crore for outright purchase at current prices. The Brigade Group did not comment.
"Brigade plans to develop a Grade-A office complex alongside a 200-key JW Marriott hotel, strengthening its commercial and hospitality footprint in Chennai," said the person cited earlier.
The site that the Bengaluru-based company has leased for 55 years is located in a prime stretch where large land parcels are extremely scarce. It offers a development potential of 1.6 million sq ft, a person close to the deal said. While financial terms weren't available, experts said an acre of land at Perungudi would cost ₹54 crore for outright purchase at current prices. The Brigade Group did not comment.
"Brigade plans to develop a Grade-A office complex alongside a 200-key JW Marriott hotel, strengthening its commercial and hospitality footprint in Chennai," said the person cited earlier.
You may also like
Enormous royal warehouse Kate Middleton's using to renovate new home dubbed 'California'
Outraged leaders of Spanish holiday islands say 'we can't cope with illegal migrants'
Amit Shah accuses INDIA bloc's VP candidate of supporting Naxalism; targets him with 2011 judgment - what he said
Retained for season 4, top star Shubham Chaudhary eyes PVL glory with Mumbai Meteors
Private Sector Hits New High In August, Services PMI Soars While Manufacturing Keeps Up The Momentum
