Prestige Estates Projects Limited has informed the Exchange regarding a press release dated Jun 27, 2025, titled "Prestige Group and Arihant Group enter into an agreement to jointly acquire prime land parcel in Velachery, Chennai for premium residential development."
PRESTIGE · price
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Prestige Group and Chennai-based Arihant Group have entered an agreement to jointly acquire a 3.48-acre prime land parcel in Velachery, Chennai from Rane Madras Limited. The acquisition will be executed through their joint venture entity, Canopy Living LLP. The land is planned for premium residential development with an estimated total built-up area of around 7.5 lakh square feet and a projected Gross Development Value (GDV) exceeding ₹1,600 crore. Velachery is a well-connected, high-demand micro-market in Chennai with strong access to IT hubs and social infrastructure. Both CMD Irfan Razack (Prestige) and MD Kamal Lunawath (Arihant) called it a strategic partnership aligned with their growth ambitions in Chennai.
Adds a sizeable ₹1,600+ crore GDV project to Prestige's pipeline, strengthening its Chennai presence while limiting capital risk through a JV structure. Likely a positive sentiment trigger for the stock, though actual revenue recognition will play out over the project's development cycle.