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Prestige Group and Arihant Group, a reputed Chennai-based real estate company, have entered into an agreement to jointly acquire a prime 3.48-acre land parcel in Velachery, Chennai from Rane Madras. The acquisition will be undertaken through their joint venture 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 Rs 1,600 crore.
Located in one of Chennai's most prominent and well-connected neighbourhoods, the site benefits from excellent access to IT corridors, social infrastructure, and thriving residential communities—making it a compelling location for high-end urban living.
Arihant Foundations & Housing announced the acquisition of a strategically located 3-acre land parcel on MGR Salai, Perungudi situated at the gateway to the city's thriving IT corridor along Old Mahabalipuram Road (OMR). The proposed development will be a premium residential community of 0.7 Million Sq Ft with a Gross Development Value (GDV) of Rs 1,200 crore.
This marquee site is located within walking distance of over 15 million square feet of Grade A office space including Global Infocity Park, Brookfield Millenia Park and DLF Downtown, positioning it as one of the most desirable residential destinations in Chennai. The project is poised to meet the strong demand for high-quality homes among professionals working in these thriving business hubs.
For the full year,net profit rose 216.06% to Rs 42.70 crore in the year ended March 2025 as against Rs 13.51 crore during the previous year ended March 2024. Sales rose 66.38% to Rs 206.44 crore in the year ended March 2025 as against Rs 124.08 crore during the previous year ended March 2024.