Rane (Madras) Limited to sell part of its Velachery land
Rane (Madras) Limited announced that its board has given approval to sell land measuring 3.48 acre out of the total land extent of 4.5 acre owned by the company in Velachery, Chennai to Canopy Living LLP, a joint venture between Arihant Foundations & Housing Limited and Prestige Estates Projects Limited.
Approval of the shareholders of the company was obtained on May 29, 2025. Rane said that all other details will be updated upon finalisation of key commercial terms and execution of definitive agreements.
According to sources in the real estate sector, this property will be used for mixed use development including residential and commercial space. It is learnt that the total development size is around 1 million sq ft and the project is expected to commence in 2026.
Arihant Foundations & Housing Limited declined to comment. Those in the real estate sector said that the land value per acre here is around Rs.90 crore. Recently, Bengaluru based real estate developer Brigade Enterprises had acquired 5.41 acre land parcel in Velachery. The transaction value of the acquisition was about Rs. 441.70 crore.
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