Real estate developer Brigade Group has acquired nine acres of land at Perungudi along the Old Mahabalipuram Road (OMR) in Chennai on a long-term lease from YMCA, marking one of the most significant transactions on the city's IT corridor in recent years. The site that the Bengaluru-based company has leased for 55 years is located in a prime stretch where large land parcels are extremely scarce. It offers a development potential of 1.6 million sq ft, a person close to the deal said. While financial terms weren't available, experts said an acre of land at Perungudi would cost ?54 crore for outright purchase at current prices. The Brigade Group did not comment."Brigade plans to develop a Grade-A office complex alongside a 200-key JW Marriott hotel, strengthening its commercial and hospitality footprint in Chennai," said the person cited earlier.
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