Brigade Enterprises Ltd. is expanding into the Chennai market via a project on land that it spent Rs 441.7 crore to acquire, according to an exchange filing on Wednesday.
The project is taking shape on a land parcel spanning 5.41 acres in Velachery road with a development potential of about 0.8 million square feet. Its gross development value was reported by the company to be Rs 1,600 crore.
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The firm intends for the project to offer seamless connectivity to the IT Corridor of Old Mahabalipuram Road and the central business district, which would offer accessibility and convenience to residents.
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"Chennai has grown into our second largest market after consistent and strategic investment in business development," Managing Director Pavitra Shankar said. "This acquisition reinforces our commitment to expanding our footprint in the city with a focus on marquee land parcels in excellent locations."
Brigade Group, a prominent Indian property developer established in 1986, has nearly four decades of experience in the real estate sector.
Shares of Brigade Enterprises closed 1.09% higher at Rs 1,092.20 apiece on the NSE, compared to a 0.36% rise in the benchmark Nifty. The stock has risen 9% in the last 12 months and fallen 12.13% on a year-to-date basis.
Thirteen analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 27.7%
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