Prestige Group and Arihant Foundations and Housing Ltd will jointly develop a 3.5-acre residential project in Chennai with a revenue potential of more than ₹1,600 crore. According to a regulatory filing, Prestige Estates Projects Ltd and Arihant Foundations and Housing Ltd have formed a joint venture to buy 3.48-acre land in Velachery, Chennai from Rane (Madras) Ltd The acquisition will be undertaken through JV entity Canopy Living LLP. “The land is earmarked for the development of premium residential dwellings with a total development potential of approximately 7.5 lakh square feet and an estimated Gross Development Value (GDV) of over ₹1,600 crore,” the filing said.
Signatureglobal will invest around ₹2,200 crore to develop a new housing project in Gurugram to expand business and achieve over 20 per cent growth in its pre-sales this fiscal year. The company has recently launched a premium residential project, ‘Cloverdale’, comprising 770 apartments, on Southern Peripheral Road (SPR), Sector 71, Gurugram. Signatureglobal emerged as the fifth largest listed real estate developer last fiscal in terms of sales bookings by achieving record pre-sales of ₹10,290 crore. The Gurugram-based company has given a guidance of posting ₹12,500 crore worth pre-sales in the current fiscal.
Sobha Ltd will invest around ₹800 crore to develop a luxury housing project in Greater Noida as part of its plan to expand business in the Delhi-NCR property market, said a PTI report. The Bengaluru-based company has got all regulatory approvals to launch its project ‘SOBHA Aurum’ in Greater Noida, comprising 420 apartments. The project is spread across 3.46 acres with development potential of 930,000 square feet, the company said in a statement on Thursday. Sobha Ltd did not mention the project cost.
Rane (Madras) Ltd has sold a 3.48-acre land in Velachery, Chennai to a joint venture firm between Prestige Estates Project Ltd and Arihant Foundations & Housing for ₹361 crore. The deal was facilitated by real estate consultant CBRE. Rane (Madras) Ltd has entered into an agreement with Canopy Living LLP, a joint venture between Arihant Foundations & Housing Limited and Prestige Estates Project Ltd, to sell 3.48 acres of land in Velachery, the company said in a regulatory filing on Friday. The deal value is ₹361.18 crore.