Prestige Group, Arihant Group Announce ₹1,600 Cr Housing Venture in Chennai

Prestige Group and Arihant Group have announced a joint venture to acquire a 3.48-acre land parcel in Velachery, Chennai, for a residential development estimated to generate over ₹1,600 crore in Gross Development Value (GDV). The transaction was confirmed in a regulatory filing by Prestige Group.

The land, previously owned by Rane Madras Limited, will be developed by Canopy Living LLP, the joint venture entity formed by the two companies. The project is expected to provide approximately 7.5 lakh square feet of residential space in one of Chennai’s key suburban markets.

Velachery, located in South Chennai, is a major residential and commercial hub with connectivity to IT corridors along Old Mahabalipuram Road (OMR) and GST Road. The area has witnessed significant infrastructure growth over the past decade and continues to attract homebuyers due to its proximity to employment centres and established social amenities.

Irfan Razack, Chairman and Managing Director of Prestige Group, said that the Velachery acquisition represents an important step in the company’s expansion in Chennai, which remains a priority market in its nationwide strategy. According to him, the partnership with Arihant Group aims to develop residential communities aligned with evolving urban housing demands.

Kamal Lunawath, Managing Director of Arihant Group, stated that Velachery offers considerable potential for high-quality housing developments and that the collaboration with Prestige Group is intended to set new benchmarks in the city’s residential sector.

Prestige Group has delivered 302 projects covering 193 million square feet and currently has 130 projects under various stages of construction and planning, amounting to an additional 203 million square feet. The Bengaluru-based developer has expanded its footprint across multiple Indian cities in recent years.

Chennai-based Arihant Foundations and Housing Limited brings over four decades of experience in residential development. The company has completed over 25 million square feet of built-up space, with several projects delivered across different segments of the Chennai real estate market.