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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."
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'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.
