Prestige Group has announced a strategic joint venture with Chennai-based Arihant Foundations and Housing Ltd to develop a ₹1,600 crore premium residential project in Velachery, one of Chennai’s most sought-after neighborhoods. The project will be executed through their JV entity, Canopy Living LLP, and marks a significant expansion of Prestige’s footprint in South India.
🏗️ Project Highlights
- Location: Velachery, Chennai
- Land Area: 3.48 acres (acquired from Rane (Madras) Ltd for ₹361 crore)
- Development Potential: Approx. 7.5 lakh sq. ft. of premium residential space
- Estimated Gross Development Value (GDV): Over ₹1,600 crore
- Land Deal Facilitator: CBRE India
The project will feature high-end urban dwellings designed to cater to Chennai’s growing demand for luxury housing, with proximity to IT corridors, social infrastructure, and transport hubs.
🗣️ Leadership Speaks
Irfan Razack, Chairman and MD of Prestige Group, stated:
“Chennai continues to be an integral part of our national expansion strategy. This acquisition in Velachery is another step in our journey to deliver landmark residential developments.”
Kamal Lunawath, MD of Arihant Group, added:
“Velachery’s vibrant ecosystem and future growth potential make it a prime destination for luxury housing. Our collaboration with Prestige reflects a shared vision of building thoughtfully designed, high-quality developments.”
🏢 About the Developers
- Prestige Group: Headquartered in Bengaluru, the firm has delivered 302 projects spanning 193 million sq. ft., with 130 ongoing and upcoming projects across 203 million sq. ft.
- Arihant Foundations: A Chennai-based developer with over 40 years of experience and a portfolio exceeding 25 million sq. ft. of delivered space
This JV underscores the growing trend of regional-national partnerships in India’s real estate sector, aimed at leveraging local expertise with national execution capabilities.
Stay tuned for launch timelines and project features.
