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The land located at Rajiv Gandhi Salai (Old Mahabalipuram Road) at Sholinganallur in Chennai was acquired from Pfizer Healthcare India for an overall consideration of Rs 138.83 crore.
The company said that it will be developing a residential project on this land parcel with an overall development of over one million square foot.
Brigade Enterprises is the flagship company of the Brigade group and is one of the largest real estate players in South India. Till date, it has developed over 300 lakh sq. ft, 80% of which has been in the residential segment. Though it mainly focuses on the Bengaluru market, Chennai is emerging as the second large market for the entity. The group has developed projects in Mysuru, Cochin, Chennai, Hyderabad, and Ahmedabad.
The company reported 56.1% decline in consolidated net profit to Rs 38.53 crore on 27.5% decrease in net sales to Rs 653.97 crore in Q1 FY24 over Q1 FY23.
The scrip rose 0.43% to currently trade at Rs 595.30 on the BSE.
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