Brigade Enterprises acquires 6.54-acre land parcel in Chennai from Pfizer at Rs 139 cr

New Delhi: Realty firm Brigade Enterprises Ltd has acquired a 6.54-acre land parcel in Chennai from Pfizer Healthcare India for nearly Rs 139 crore to develop a residential project.

The company has entered into a sale deed on Monday for acquiring 6.54 acres of land parcel located at Rajiv Gandhi Salai (Old Mahabalipuram Road), Sholinganallur, Chennai.

In a regulatory filing on Tuesday, Brigade Enterprises said "6.54 acres of land parcel...was acquired from Pfizer Healthcare India Pvt Ltd for an overall consideration of Rs 138.83."

"We will be developing a residential project on this land parcel with an overall development of over one million square foot," it added.

Brigade Enterprises recently reported a 56 per cent decline in its consolidated net profit at Rs 38.53 crore for the first quarter of this fiscal year. Its net profit stood at Rs 87.68 crore in the year-ago period.

Total income also fell to Rs 685.43 crore in the April-June period of 2023-24 fiscal, from Rs 920.28 crore in the corresponding period of the previous year.

Brigade Enterprises has developed many residential, commercial (office and retail) and hotel projects across South India in the cities of Bengaluru, Mysuru, Hyderabad, Chennai and Kochi.