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.
On Friday, Rane (Madras) Ltd informed that it has sold a 3.48-acre of land parcel in Velachery, Chennai to the JV firm for ₹361 crore.
The land deal was facilitated by real estate consultant CBRE.
Irfan Razack, Chairman and Managing Director of Prestige Group, said, "Chennai continues to be an integral part of our national expansion strategy, and this upcoming acquisition in Velachery marks another step in our journey to deliver landmark residential developments."
"Our partnership with Arihant in the region reflects a shared vision to develop high-quality, thoughtfully designed communities that resonate with evolving urban lifestyles," he said.
Bengaluru-based Prestige Group has delivered 302 projects spanning 193 million square feet and has a pipeline of 130 projects across 203 million square feet.
Arihant Foundations and Housing Ltd is a Chennai-based real estate developer with over four decades of experience and a delivery track record of more than 25 million square feet.