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.
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