Prestige and Arihant Join Hands for Premium Residential Project in Chennai’s Velachery

30 Jun 2025 , 09:55 AM

Prestige Estates and Arihant Group have teamed up to buy a plot in Velachery, one of Chennai’s well-connected residential zones. The land, measuring 3.48 acres, is being acquired from Rane Madras Ltd and will be developed under their joint venture, Canopy Living LLP.

While both firms haven’t disclosed the deal value, they confirmed the land will be turned into a premium residential complex. The upcoming project could span close to 7.5 lakh square feet of built-up space. Based on early estimates, the total gross development value is likely to cross ₹1,600 crore. Velachery’s location, near key tech corridors and urban conveniences makes it a strategic choice for developers chasing high-end homebuyers.

Irfan Razack, who chairs Prestige Group, said that the Chennai market remains important in the firm’s national growth plans. He added that this project is part of their larger ambition to create signature housing developments across India’s metro cities.

Arihant Group’s MD, Kamal Lunawath, called the partnership a strong blend with Arihant’s local roots and Prestige’s national experience coming together for a high-value project.

According to him, Velachery continues to show strong demand, and the companies aim to create homes that align with what today’s buyers in Chennai are looking for. With the groundwork now in place, this JV looks set to tap into Chennai’s rising appetite for upscale urban homes.

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