Prestige and Arihant Embark on Chennai Residential Project

Prestige Group and Arihant Foundations and Housing Ltd are collaborating on a major residential project in Chennai, tapping into a potential revenue exceeding Rs 1,600 crore. The joint venture, Canopy Living LLP, has secured 3.48 acres of land in Velachery, procured from Rane (Madras) Ltd.

The development plan targets the creation of premium residential units across approximately 7.5 lakh square feet. The property purchase, valued at Rs 361 crore, was facilitated by real estate consultant CBRE, marking a significant milestone in the collaboration.

Prestige Group's Chairman, Irfan Razack, highlighted the strategic importance of Chennai in their national growth, emphasizing the partnership's commitment to high-quality, urban lifestyle-centric developments. Arihant Foundations joins this venture with a rich history of real estate success in the region.

(With inputs from agencies.)