Prestige Group and Arihant Group have formed a partnership to jointly purchase a 3.48-acre land parcel located in Velachery, Chennai from Rane Madras (RML) for a total consideration of ₹361.18 crore.
This land is designated for the construction of residential units, with a total development potential of around 7.5 lakh sq ft and an anticipated gross development value (GDV) exceeding ₹1,600 crore. The acquisition will be executed through their joint venture entity, Canopy Living LLP.
The completion of this transaction is projected for September 30, 2026. The total area of land in Velachery is 4.50 acres, and RML will keep the remaining portion of the land, where a new office is planned to be built. The company aims to decrease its debt and consolidate city offices of various divisions through this land monetization.
