The prime land will be developed into a premium residential project with an estimated development potential of approximately 7.5 lakh square feet. The project is expected to generate a gross development value (GDV) exceeding ₹1,600 crore.
Located in one of Chennai’s most prominent and well-connected neighbourhoods, the site benefits from excellent access to IT corridors, social infrastructure, and thriving residential communities, making it a compelling location for high-end urban living.
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Irfan Razack, Chairman and Managing Director of Prestige Group, said, “Chennai continues to be an integral part of our national expansion strategy, and this upcoming acquisition in Velachery marks another step in our journey to deliver landmark residential developments.”
Kamal Lunawath, Managing Director of Arihant Group, said, “Velachery continues to demonstrate strong growth potential, and this partnership brings together our strong local presence with Prestige’s national track record of excellence.”
Shares of Prestige Estates Projects Limited ended at ₹1,670.40, down by ₹28.50, or 1.68%, on the BSE.
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