Godrej Properties Ltd. announced on Friday that it has acquired a 60-acre land parcel in Chennai on which it plans to develop residential plots.

The land parcel, located in the micromarket of Oragadam Junction, would be developed into 16 lakh sq ft of saleable area, the company said in an exchange filing.

The site, situated between the Grand Southern Trunk Road and National Highway 4, offers easy access to other parts of the city, the company said. The area is a busy industrial corridor in Chennai, stretching from Sriperumbudur to Oragadam.

“We are happy to add this land parcel to our portfolio. It fits with our strategy of deepening our presence across India’s leading cities,” Managing Director and Chief Executive Officer Gaurav Pandey was quoted as saying in a statement.