Prestige Group and Chennai-Based Arihant Form JV for Rs 1,600 Crore Residential Project
Prestige Group and Arihant Foundations and Housing Ltd have formed a joint venture to develop a 3.5-acre residential project in Chennai, with a revenue potential of over Rs 1,600 crore. The project is set to enhance the premium residential landscape in Velachery.
Prestige GroupArihant FoundationsChennai Real EstateJoint VentureResidential ProjectReal Estate NewsJun 28, 2025
The land is earmarked for the development of premium residential dwellings with a total development potential of approximately 7.5 lakh square feet. The estimated Gross Development Value (GDV) of the project is over Rs 1,600 crore. On Friday, Rane (Madras) Ltd confirmed that it has sold the 3.48-acre land parcel in Velachery, Chennai to the JV firm for Rs 361 crore. The land deal was facilitated by real estate consultant CBRE.
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.'
Bengaluru-based Prestige Group has a strong track record, having delivered 302 projects spanning 193 million square feet. The company currently has a pipeline of 130 projects across 203 million square feet. Prestige Group is known for its commitment to quality and innovation in the real estate sector, making it a trusted name in the industry.
Arihant Foundations and Housing Ltd, a Chennai-based real estate developer with over four decades of experience, has a delivery track record of more than 25 million square feet. The company's extensive local knowledge and expertise will be crucial in ensuring the success of the Velachery project. The partnership between Prestige Group and Arihant Foundations and Housing Ltd is expected to set new standards in the premium residential segment of Chennai's real estate market.
With this joint venture, both companies aim to cater to the growing demand for high-quality residential properties in Chennai. The project is expected to attract a wide range of homebuyers, from young professionals to established families, looking for modern, well-designed living spaces in a prime location. The development will feature a range of amenities and facilities, ensuring a comfortable and convenient lifestyle for its residents.
Overall, the collaboration between Prestige Group and Arihant Foundations and Housing Ltd is a significant step towards enhancing the real estate landscape in Chennai and delivering world-class residential developments to the city's residents.
Frequently Asked Questions
What is the total area of the land acquired for the project?
The land acquired for the project is 3.48 acres, located in Velachery, Chennai.
What is the estimated revenue potential of the project?
The estimated revenue potential of the project is over Rs 1,600 crore.
Who are the partners in this joint venture?
The partners in this joint venture are Prestige Group and Arihant Foundations and Housing Ltd.
What is the role of Canopy Living LLP in the project?
Canopy Living LLP is the JV entity formed to acquire and develop the 3.48-acre land in Velachery, Chennai.
What is the development potential of the land?
The development potential of the land is approximately 7.5 lakh square feet, earmarked for premium residential dwellings.
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