India, March 23 -- Chennai-based real estate developer G Square Group has acquired a five-acre land parcel in Madurai for Rs.167 crore from the TVS Group, the company said in a statement.

The company plans to develop a premium plotted project on the site G Square Temple View Square, with pricing starting at Rs.15,990 per sq ft, it said.

The 1.63 acres of the total land will be used for residential development, two acres for commercial purposes, while the remaining area will be allocated for infrastructure and common amenities, the company said.Also Read: Looking for an apartment near work in Bengaluru? Brace for 'matchbox homes' and 'soaring' rents

The project will feature 55 plots, including 50 residential and five commercial units. R...