Rane (Madras) Ltd Sells 3.48-Acre Chennai Land for Rs 361 Crore
Rane (Madras) Ltd has sold a 3.48-acre plot in Velachery, Chennai, to a joint venture between Prestige Estates Project Ltd and Arihant Foundations & Housing for Rs 361 crore, facilitated by real estate consultant CBRE.
Real EstateRane Madras LtdLand SaleChennaiPrestige EstatesReal EstateJun 28, 2025
The transaction was officially confirmed in a regulatory filing by Rane (Madras) Ltd on Friday. According to the filing, the company has entered into an agreement with Canopy Living LLP, a joint venture between Arihant Foundations & Housing Ltd and Prestige Estates Project Ltd, to sell the land. The total value of the deal is Rs 361.18 crore.
The land in question is part of a larger 4.50-acre plot in Velachery. After this sale, Rane (Madras) Ltd will retain the remaining portion of the land, where they plan to construct a new office. This move is part of the company's broader strategy to reduce debt and integrate city offices of various divisions, aiming to unlock long-term cost synergies from the merger.
Rane (Madras) Limited (RML) is a significant player in the auto component industry, forming a crucial part of the Rane Group of Companies, which is headquartered in Chennai. The Rane Group is known for its robust presence in the automotive sector and has been a leader in providing high-quality components and services to both domestic and international markets.
The sale of this land is a strategic step towards financial consolidation and operational efficiency. By monetizing the land, Rane (Madras) Ltd aims to strengthen its financial position and enhance its operational capabilities. The integration of city offices is expected to streamline operations, reduce costs, and improve overall efficiency, which are critical factors in today's competitive business environment.
Real estate consultant CBRE played a pivotal role in facilitating this deal, leveraging its expertise in the real estate market to ensure a smooth and successful transaction. CBRE's involvement underscores the importance of professional real estate services in large-scale transactions, particularly in the highly competitive and rapidly evolving market of Chennai.
In conclusion, the sale of the 3.48-acre land in Velachery by Rane (Madras) Ltd to the joint venture between Prestige Estates Project Ltd and Arihant Foundations & Housing for Rs 361 crore is a strategic move that aligns with the company's financial and operational goals. This transaction not only helps in reducing debt but also paves the way for future growth and efficiency in the company's operations.
Frequently Asked Questions
What is the total value of the land sale?
The total value of the land sale is Rs 361.18 crore.
Who facilitated the land sale?
The land sale was facilitated by real estate consultant CBRE.
How much land will Rane (Madras) Ltd retain after the sale?
Rane (Madras) Ltd will retain the remaining portion of the 4.50-acre plot, where they plan to construct a new office.
What are the strategic objectives of this land sale for Rane (Madras) Ltd?
The strategic objectives of this land sale include reducing debt and integrating city offices of various divisions to unlock long-term cost synergies from the merger.
Who are the buyers of the land?
The buyers of the land are Canopy Living LLP, a joint venture between Arihant Foundations & Housing Ltd and Prestige Estates Project Ltd.
Related News Articles
India's Rise to Realty Prominence: A Billion-Dollar Boom
India is accelerating to become the real estate capital of Asia, with a total valuation of Rs 14.2 trillion among the top 100 realty companies.
Maharashtra Cabinet Renames Pune Airport After Sant Tukaram Maharaj
The Maharashtra Cabinet has approved a proposal to rename Pune airport after the 17th-century Warkari saint and poet, Sant Tukaram Maharaj.
The Downfall of Real Estate Moguls: Alexander Brothers Arrested in Miami
In a shocking turn of events, the renowned real estate moguls, the Alexander Brothers, were recently arrested in Miami. This news has sent ripples through the business community, leaving many to wonder what led to their downfall.
Luxury Homes, Toxic Air: The Urban Pollution Paradox in India
Nithin Kamath, a prominent real estate analyst, highlights the growing concern of urban pollution in major Indian cities like Delhi, Mumbai, and Bengaluru. Despite seeing a surge in luxury real estate, these cities struggle with alarming levels of air pol
Tragic Incident: Two Workers Killed, One Injured as Slab Collapses in Chikhla Mines
A devastating slab collapse in the Chikhla mines of Manganese Ore (India) has resulted in the death of two workers and left one injured. The incident has raised serious concerns about safety protocols in the mining industry.
Women Home Buyers Witness 14% Surge in 2024: Report
A recent report by Square Yards, titled 'Key Holders of Change - Women Driving Real Estate Growth and Transformation,' reveals a significant 14% increase in women homebuyers in 2024.