Alliance Group firm buys 96.5-acre land; to invest Rs. 3,600 cr in township.

Realty firm Urbanrise, an Alliance Group company, has acquired a 96.5-acre land parcel at Tambaram, Chennai and will invest Rs. 3,600 crore to develop a township project.

The company said in a statement that it will develop a mega township project on the land parcel that has a "development potential of 13 million square feet with an expected revenue of Rs. 7,000 crore".

The company, however, did not disclose the financial details of the transaction.

Urbanrise said it has been acquiring large tracts of land in premium locations across Bengaluru, Chennai, and Hyderabad markets to expand its business.

Manoj Namburu, Chairman and MD of Alliance Group and Urbanrise, said the Tambaram locality is fast emerging as a commercial-cum-residential hub of Chennai.

"We are looking at developing an integrated township with world-class amenities...," he added.

Alliance Group is one of the leading real estate firms in South India that has delivered over 7,500 homes. The organisation has 54 million square feet under development and another 25 million square feet of projects in the planning stage.

BS