Brigade Enterprises Buys Rs 139-Crore Land Parcel In Chennai

Bengaluru-based real estate company Brigade Enterprises Ltd. has acquired a land parcel from Pfizer Healthcare India Pvt. for Rs 139 crore, as per an exchange filing on Tuesday.

The company entered into a sale deed for acquiring 6.54 acres of land parcel, which is located at Rajiv Gandhi Salai (Old Mahabalipuram Road), Sholinganallur, Chennai, it said on Monday.

The company will be developing a residential project on this land parcel, with an overall development of over one million square feet.

The realty firm plans to launch 10 housing projects this fiscal, across Bengaluru and Chennai, according to Pavitra Shankar, managing director at the company. The estimated construction cost is Rs 3,000 crore, as the company looks to cash in on the rising demand for residential properties, he said in an interview with PTI in June.

Shares of Brigade Enterprises Ltd. were trading 0.4% higher at Rs 595 apiece, compared to 0.07% rise in benchmark Sensex, during early trade on Tuesday. The realty stock has gained more than 27% in 2023 so far.