India, June 30 -- Godrej Properties Ltd. has acquired a 47-acre land parcel for a plotted residential project in Chennai with a developable potential of around 1.2 million sq ft. The project is expected to generate an estimated revenue of Rs.500 crore, the company said in a regulatory filing on June 30.

The proposed development on this land will primarily comprise plotted residential units and is expected to offer a developable potential of around 1.2 million square feet, with an estimated revenue potential of Rs.500 crore, the company said.

The company has acquired the land parcel through an outright purchase, which is located off Old Mahabalipuram Road (OMR) in South Chennai, it said.

The site is well connected via OMR, providing acc...