In a significant move that underscores the growing potential of Chennai’s real estate market, Bengaluru-based Prestige Group has entered into a strategic joint venture with Chennai’s Arihant Group to develop a high-end residential project in Velachery. The duo will develop approximately 7.5 lakh square feet of residential space, with an estimated Gross Development Value (GDV) exceeding ₹1,600 crore.
This collaboration, announced through a regulatory filing, involves the acquisition of a prime 3.48-acre land parcel from Rane Madras Limited and will be executed via a joint venture entity named Canopy Living LLP.
Strategic Location: Velachery’s Rising Demand
Velachery, situated in South Chennai, has emerged as a strategic residential and commercial hub due to:
- Excellent connectivity to IT corridors like OMR (Old Mahabalipuram Road) and GST Road
- Proximity to key employment zones and SEZs
- Well-established infrastructure and civic amenities
- High investor and end-user interest in premium housing
The area’s growth trajectory makes it an ideal site for a luxury residential development, with demand driven by professionals, NRIs, and upwardly mobile families.
Project Overview and Development Plans
The upcoming project will reflect the joint ambition of two reputed developers to redefine luxury living in Chennai:
- Land Area: 3.48 acres
- Total Residential Space: Approx. 7.5 lakh sq ft
- Gross Development Value: ₹1,600+ crore
- Developer JV Entity: Canopy Living LLP
- Development Type: Premium residential housing
Both companies are known for delivering design excellence, construction quality, and customer-centric urban communities.
Leadership Insights
“The Velachery acquisition marks a significant milestone in the company’s continued expansion into Chennai, a key market in its national growth strategy. Our collaboration with Arihant Group reflects a common goal—to build well-designed, high-quality residential communities that align with the changing aspirations of urban homebuyers.”
— Irfan Razack, Chairman and Managing Director, Prestige Group
“Velachery’s vibrant ecosystem and future growth potential make it a prime destination for luxury housing. Our collaboration with Prestige Group reflects a shared vision of building thoughtfully designed, high-quality developments. We’re confident this project will set new standards for residential living in Chennai.”
— Kamal Lunawath, Managing Director, Arihant Group
Quick Project Highlights Table
| Feature | Details |
|---|---|
| Location | Velachery, Chennai |
| JV Partners | Prestige Group & Arihant Group |
| Land Area | 3.48 acres |
| Total Development | 7.5 lakh sq ft of residential space |
| Estimated GDV | ₹1,600 crore |
| Executing Entity | Canopy Living LLP |
| Development Type | Premium Residential |
About the Developers
Prestige Group
- Headquartered in Bengaluru
- Completed 302 projects (193 million sq ft)
- 130 ongoing and upcoming projects (203 million sq ft pipeline)
- Active in key metro cities including Chennai, Mumbai, Bengaluru, and Hyderabad
Arihant Group
- Based in Chennai
- Over 40 years of industry experience
- Delivered more than 25 million sq ft of residential and commercial space
- Known for timely delivery and customer-centric designs
FAQs: Prestige-Arihant Velachery Project
Q1. What is the value of the project launched by Prestige and Arihant Group?
A: The project has an estimated Gross Development Value (GDV) of over ₹1,600 crore.
Q2. Where is the land for this project located?
A: The 3.48-acre land parcel is located in Velachery, a well-connected residential area in South Chennai.
Q3. What kind of development is planned on the site?
A: A premium residential housing development covering approximately 7.5 lakh sq ft is planned.
Q4. Who are the joint venture partners for this project?
A: Prestige Group (Bengaluru) and Arihant Group (Chennai) are the joint venture partners, operating through Canopy Living LLP.
Q5. Why is Velachery considered a prime location for this project?
A: Velachery offers excellent connectivity to IT corridors, proximity to major employment hubs, and rapid infrastructure development, making it a preferred choice for high-end residential projects.