Prestige Group and Arihant Group enter into agreement to jointly acquire Prime Land Parcel in Velachery, Chennai for Premium Residential Development

Prestige Group, one of India's leading real estate developers, 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 Limited. 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 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 communities-making it a compelling location for high-end urban living.

Mr. Irfan Razack, Chairman and Managing Director of Prestige Group, commented: "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. Together, we aim to set new benchmarks in the city's real estate landscape."

Mr. Kamal Lunawath, Managing Director of Arihant Group, added: "We are proud to partner with Prestige Group to deliver a landmark residential development in one of Chennai's most vibrant and sought-after locations. Velachery continues to demonstrate strong growth potential, and this partnership brings together our strong local presence with Prestige's national track record of excellence. This development represents a shared commitment to quality, innovation, and long-term value creation."

The transaction is currently in progress, with planning and design activities underway. Further announcements regarding project details and timelines will follow in due course.

Shares of Arihant Foundations & Housing Limited was last trading in BSE at Rs. 1364.25 as compared to the previous close of Rs. 1337.50. The total number of shares traded during the day was 4610 in over 49 trades.

The stock hit an intraday high of Rs. 1364.25 and intraday low of 1332.00. The net turnover during the day was Rs. 6220758.00.

Shares of Prestige Estates Projects Limited was last trading in BSE at Rs. 1666.70 as compared to the previous close of Rs. 1698.90. The total number of shares traded during the day was 14834 in over 1093 trades.

The stock hit an intraday high of Rs. 1705.85 and intraday low of 1660.05. The net turnover during the day was Rs. 24836240.00.

Source : Equity Bulls

Keywords

ArihantFoundationsandHousing INE413D01011 Realty PrestigeEstatesProjects INE811K01011 PrimeLand Acquisition Velachery Chennai