Prestige Group and Arihant Foundations and Housing Ltd will co-develop a 3.5-acre residential project in Chennai, aiming to generate over ₹1,600 crore in revenue.
According to a regulatory filing, Prestige Estates Projects Ltd and Arihant Foundations and Housing Ltd have entered into a joint venture to acquire 3.48 acres of land in Velachery, Chennai from Rane (Madras) Ltd. This move marks a strategic step in expanding their presence in the Chennai residential market.
Canopy Living LLP, the JV entity, will carry out the acquisition.
“The land is earmarked for the development of premium residential dwellings with a total development potential of approximately 7.5 lakh square feet and an estimated Gross Development Value (GDV) of over Rs 1,600 crore,” the filing said.
On Friday, Rane (Madras) Ltd announced that it had sold a 3.48-acre land parcel in Velachery, Chennai to the joint venture firm for ₹361 crore. This transaction follows the recent formation of the JV between Prestige Estates Projects Ltd and Arihant Foundations and Housing Ltd, further solidifying their plans for a major residential development in the area.
Irfan Razack, Chairman and Managing Director of Prestige Group, said, “Chennai continues to be an integral part of our national expansion strategy, and this upcoming acquisition in Velachery marks another step in our journey to deliver landmark residential developments.”
“Our partnership with Arihant in the region reflects a shared vision to develop high-quality, thoughtfully designed communities that resonate with evolving urban lifestyles,” he said.
Bengaluru-based Prestige Group has successfully completed 302 projects covering 193 million square feet. Moreover, the company is actively developing 130 upcoming projects that will span an additional 203 million square feet, further strengthening its presence in the real estate sector.
Arihant Foundations and Housing Ltd, a Chennai-based real estate developer, brings over 40 years of experience with a proven track record of delivering more than 25 million square feet of residential and commercial space.
