Latest news with #ArihantGroup
Hindustan Times
a day ago
- Business
- Hindustan Times
Prestige Group inks JV with Arihant Group for ₹1,600 crore residential project in Chennai
Bengaluru-based real estate developer Prestige Group and Chennai-based Arihant Group have announced a strategic partnership to jointly acquire a prime 3.48-acre land parcel in Velachery, Chennai from Rane Madras Limited, the company said in a regulatory filing. Bengaluru-based real estate developer Prestige Group and Chennai-based Arihant Group have announced a strategic partnership to jointly acquire a prime 3.48-acre land parcel in Velachery, Chennai. (Representational photo)(Pexels) The acquisition, routed through their joint venture entity Canopy Living LLP, will offer around 7.5 lakh sq ft of residential space, with an estimated Gross Development Value (GDV) of over ₹ 1,600 crore, marking an expansion to Chennai's real estate market. Velachery, a residential and commercial hub in South Chennai, offers connectivity to IT corridors like OMR and GST Road. The area's rapid infrastructure growth and proximity to employment hubs make it one of the sought-after places for buyers. Irfan Razack, Chairman and Managing Director of Prestige Group, said the Velachery acquisition marks a significant milestone in the company's continued expansion into Chennai, a key market in its national growth strategy. 'Our collaboration with Arihant Group reflects a common goal—to build well-designed, high-quality residential communities that align with the changing aspirations of urban homebuyers." Also Read: Bengaluru-based Prestige Group to launch ₹ 50,000 crore worth of homes in FY26 'Velachery's vibrant ecosystem and future growth potential make it a prime destination for luxury housing. Our collaboration with Prestige Group reflects a shared vision of building thoughtfully designed, high-quality developments. We're confident this project will set new standards for residential living in Chennai," Kamal Lunawath, Managing Director of Arihant Group, said. Prestige Group has completed 302 developments covering a total of 193 million square feet and currently has 130 ongoing and upcoming projects, accounting for an additional 203 million square feet in its pipeline. Chennai-based Arihant Foundations and Housing Ltd brings over 40 years of industry experience, with a portfolio that includes the successful delivery of more than 25 million square feet of built-up space.
Business Standard
a day ago
- Business
- Business Standard
Prestige Estates & Arihant Group jointly acquire land in Chennai from Rane Madras
Prestige Estates Projects said that it has entered into an agreement with Arihant Group for jointly acquiring an agreement to jointly acquire a prime 3.48-acre land parcel in Velachery, Chennai from Rane Madras. The acquisition will be undertaken through their joint venture entity, Canopy Living LLP. 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. Located in one of Chennais most prominent and well-connected neighbourhoods, the site benefits from excellent access to IT corridors, social infrastructure, and thriving residential communities. 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." Prestige Group is one of Indias most respected and diversified real estate developers, with a legacy of over three decades and a portfolio spanning residential, commercial, retail, hospitality, and integrated townships across major cities. The Group has delivered 302 projects spanning 193 million square feet and currently has a pipeline of 130 projects across 203 million square feet. The scrip fell 1.90% to end at Rs 1666.70 on the BSE on Friday.
Business Standard
2 days ago
- Business
- Business Standard
Prestige Group and Arihant Group jointly acquire 3.48 acre land parcel in Velachery, Chennai
For development of premium residential project with estimated GDV of Rs 1,600 cr Prestige Group and Arihant Group, a reputed Chennai-based real estate company, have entered into an agreement to jointly acquire a prime 3.48-acre land parcel in Velachery, Chennai from Rane Madras. The acquisition will be undertaken through their joint venture entity, Canopy Living LLP. 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. Located in one of Chennai's most prominent and well-connected neighbourhoods, the site benefits from excellent access to IT corridors, social infrastructure, and thriving residential communitiesmaking it a compelling location for high-end urban living.
