Prestige Group and Arihant Group have entered into an agreement to jointly acquire a 3.48-acre land parcel in Velachery, Chennai from Rane Madras (RML) for a consideration of ?361.18 crore. The land is earmarked for the development of residential dwellings with a total development potential of approximately 7.5 lakh sq ft and an estimated gross development value (GDV) of over ?1,600 crore. The acquisition will be undertaken through their joint venture entity, Canopy Living LLP. The transaction is expected to be completed by September 30, 2026. Total extent of land in Velachery is 4.50 acres and RML will retain the balance portion of the land, where a new office will be constructed. It hopes to reduce debt as well as integrate city offices of various divisions through this land monetization.
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