Prestige and Arihant Groups Partner to Acquire Prime Land in Chennai for Luxury Residential Project.

In a significant move set to bolster Chennai's premium housing market, Prestige Group, a leading pan-India real estate developer, has joined forces with Arihant Group, a prominent Chennai-based real estate company. The two entities have entered into an agreement to jointly acquire a prime 3.48-acre land parcel in Velachery from Rane Madras Limited. The acquisition will be executed through their joint venture entity, Canopy Living LLP.

The newly acquired land is earmarked for the development of premium residential dwellings, boasting a total development potential of approximately 7.5 lakh square feet. The project is estimated to have a Gross Development Value (GDV) exceeding ₹1,600 crore.

Strategically located in Velachery, one of Chennai's most prominent and well-connected neighborhoods, the site offers excellent access to vital IT corridors, robust social infrastructure, and thriving residential communities. This makes it an ideal location for high-end urban living.

"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," commented Mr. Irfan Razack, Chairman and Managing Director of Prestige Group. "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 already underway. Further announcements detailing project specifics and timelines are expected to be released in due course.