Real estate firm Urbanrise, part of the Alliance Group, has bought a 96.5-acre land parcel at Tambaram, Chennai, from Vees Properties for an undisclosed sum.
The company plans to develop a mega township project on the land that has a development potential of 13 million sq. ft, with expected revenue earnings of ₹7,000 crore, according to a statement.
Tambaram is an emerging commercial-cum-residential hub, with a burgeoning population. “We are looking at developing an integrated township with amenities,” said Manoj Namburu – Chairman & MD, Alliance Group & Urbanrise.
“Such large-scale projects will help propel our annual sales to ₹10,000 crore soon,” he added.
Urbanrise has been acquiring large tracts of land in premium locations across Bengaluru, Chennai, and Hyderabad markets, aimed at developing its residential projects.
A few months ago, it raised ₹260 crore from Motilal Oswal for three projects in Bengaluru and Hyderabad, with a total saleable area of 6.2 million sq. ft. and revenue potential of ₹4,600 crore.