India, May 14 -- Bengaluru-based listed real estate developer Brigade Group has acquired a 5.41-acre land parcel in Chennai's Velachery Road for Rs.441 crore to develop a housing project, the company said in a regulatory filing on May 14.

The residential project will have a gross development value (GDV) of approximately Rs.1,600 crore, with a development potential of about 0.8 million square feet.The deal was facilitated by real estate consultant Knight Frank India. Strategically positioned, the project will offer connectivity to both the IT Corridor of OMR and the Central Business District (CBD), Knight Frank said.

"Chennai has grown into our second-largest market after consistent and strategic investment in business development. This ...