Prestige Arihant Acquire Velachery Plot for Housing Project

Prestige Estates Projects Ltd and Arihant Foundations and Housing Ltd have joined hands in a joint venture to develop a premium residential project in Chennai’s Velachery. The partners, through their JV entity Canopy Living LLP, acquired a 3.48-acre land parcel from Rane (Madras) Ltd for Rs. 361 crore, in a transaction facilitated by property consultant CBRE. The site, which was acquired, has a development potential of 7.5 lakh square feet with a Estimated Gross Development Value of over Rs. 1,600 crore. 

Key Highlights-

• Prestige and Arihant acquire 3 point 48 acres in Velachery for premium homes
• Project has development potential of 7 point 5 lakh square feet
• Estimated gross development value exceeds 1600 crore

Situated in the fast-developing Velachery suburb of south Chennai, the project is set to offer premium residential units that tap the area's connectivity, strong social infrastructure, and proximity to IT hubs. The high-profile land parcel places the joint venture in a position to leverage the growth of Velachery's increasing popularity among house buyers looking for premium homes.

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Bengaluru-headquartered Prestige Estates has delivered more than 302 projects of 193 million square feet and has a development pipeline of 130 projects with 203 million square feet, with dominant presence in Chennai. Over 40 years old Arihant Foundations and Housing Ltd has delivered over 25 million square feet in residential and commercial spaces in Tamil Nadu.

The strategic partnership is seen as a growth opportunity for both companies, with investors likely to monitor Arihant Foundations and Housing’s share price and Prestige Estate’s share price in anticipation of project progress and future bookings. The landmark project is expected to strengthen their presence in Chennai’s premium residential market and unlock significant value over the coming years.