The Hindu Business Line : Arihant Housing, JP Morgan Property in tie-up

Chennai May 9 Arihant Foundations & Housing Ltd and JP Morgan Property Fund are in partnership to promote a Rs 400-crore residential project near Chennai.

According to information provided by Arihant Foundations to the stock exchange, its board has approved a proposal to promote a joint venture company to develop a 45-acre residential project in Chennai. The estimated value of the project is about Rs 400 crore. Arihant Foundations and JP Morgan Property will be equal partners in the project.

Mr Kamal Lunawath, Managing Director, Arihant Foundations told Business Line that the joint venture company, Escapade Real Estate Pvt Ltd, will implement the project at Maraimalai Nagar near Mahindra World City about 45 km south of Chennai on NH 45. Over 1.2 million sq ft of built-up space including villas and apartments are to come up at the site. This would include about 300 villas of about 2,000 sq ft each and 330 apartments of 1,000-1,400 sq ft. The project will be launched in 4-5 months.

Arihant Foundations has developed over 5 million sq ft of built-up space in prime areas in the city and has in the pipeline an equal size of projects. Apart from residential space, the company has also developed customised IT space.

On the exchange the company's stocks with a face value of Rs 10 opened at Rs 312.55 and hit a high of Rs 334 before closing at Rs 329

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