Prestige & Arihant Partner for ₹1600 Cr Velachery Luxury Project

In a strategic move to expand Chennai’s premium housing landscape, Prestige Group, a leading national real estate developer, has partnered with Chennai-based Arihant Group to jointly acquire a 3.48-acre land parcel in Velachery from Rane Madras Limited. The acquisition will be executed through their joint venture, Canopy Living LLP.

The prime land is slated for a high-end residential development with an estimated development potential of 7.5 lakh sq. ft. and a Gross Development Value (GDV) exceeding ₹1,600 crore.

Ideally located in Velachery, one of Chennai’s most connected and fast-growing neighborhoods, the site offers seamless access to IT corridors, social infrastructure, and established residential zones—making it ideal for luxury urban living.

Mr. Irfan Razack, Chairman and Managing Director, Prestige Group, remarked, “Chennai remains central to our national growth strategy. This Velachery project reflects our commitment to delivering landmark developments in collaboration with trusted partners like Arihant.”

Mr. Kamal Lunawath, Managing Director, Arihant Group, added, “This partnership combines Arihant’s local expertise with Prestige’s national excellence to create a transformative residential offering in one of the city’s most dynamic locales.”

Planning and design for the project are already underway, with further details to be announced soon.

News by Rahul Yelligetti.