Rane (Madras) has set in motion plans to sell land owned by the company in Velachery, of 3.48 acres, to Canopy Living LLP – a joint venture between Arihant Foundations & Housing and Prestige Estates Projects.

The sale will be out of the total land extent of 4.5 acres owned by the company and is situated near The Westin Hotel on Velachery Main road in Chennai, as per Rane’s exchange filing on Tuesday.

Rane said that all other details will be updated upon finalisation of key commercial terms and execution of definitive agreements.

Arihant refused to cite further details of the transaction citing confidentiality reasons.

Biz and residential

Real estate sources told businessline that the deal is set to close at around ₹200 crore in cash consideration, besides an area share also going to Rane. While Rane intends to build a commercial space for itself, Arihant and Prestige are looking to develop a residential property, sources said.

The deal also marks the beginning of a unique model of partnership among large developers to leverage opportunities, and there are more on the cards, a real estate consultant said.

Rane has been in the process of monetising its non-core assets. Earlier in April, the Board of Rane had given in-principle approval to explore options for monetising the company’s non-core assets including the potential sale of surplus land parcels held by the company.

Headquartered in Chennai, the company primarily engages in the production of steering and suspension systems. It caters to a wide range of clients in the domestic and international automotive markets, including manufacturers of passenger cars, commercial vehicles, and farm equipment.

Published on June 17, 2025