Acquisitions27 Jun 2025, 07:22 pm
Prestige Group and Arihant Group Enter Agreement to Jointly Acquire Prime Land Parcel in Velachery, Chennai for Premium Residential Development
AI Summary
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 X1,600 crore. The transaction is currently in progress, with planning and design activities underway.
Key Highlights
- Prestige Group and Arihant Group to jointly acquire a 3.48-acre land parcel in Velachery, Chennai
- The land is earmarked for premium residential development with a total development potential of 7.5 lakh square feet
- The estimated Gross Development Value (GDV) of the project is over X1,600 crore
- The acquisition will be undertaken through a joint venture entity, Canopy Living LLP
- The transaction is currently in progress with planning and design activities underway