BENGALURU: Brigade Group, a prominent real estate developer, has secured a long-term lease for nine acres of land in Perungudi along the Old Mahabalipuram Road (OMR) in Chennai from YMCA. This acquisition stands out as one of the most significant transactions in the city’s IT corridor in recent years.
The site, leased for 55 years, is situated in a strategically important area where large land parcels are rare. It has the potential for development of approximately 1.6 million sq ft, according to an insider. Though financial specifics are not disclosed, experts estimate that land at Perungudi is priced at around ₹54 crore per acre for outright purchase at current rates. Brigade Group has not provided any comments.
“Brigade plans to establish a Grade-A office complex alongside a 200-key JW Marriott hotel, thereby enhancing its commercial and hospitality presence in Chennai,” added the source.
