Prestige & Arihant Joint Venture Chennai

Prestige Estates Projects Ltd and Arihant Foundations & Housing Ltd signed a joint-venture pact on 12 May 2025; through their JV arm Canopy Living LLP they purchased a 3.48-acre plot in Velachery, plan roughly 7.5 lakh sq ft of premium homes, and target a gross development value (GDV) above ₹1,600 crore.

Prestige (193 mn sq ft delivered) teams with Arihant (10 mn sq ft) to pool capital, brand strength, and local approvals. The JV structure is an equal-partnership model; each future site will run under its own JV deed.

Why the Tie-Up Matters

• Prestige gains reach: Chennai now contributes less than 5 percent of Prestige’s national pipeline; this deal deepens that share.
• Arihant scales up: The local player taps Prestige’s nationwide sales engine and funding channels.
• City gets variety: The framework covers housing, retail, offices, and hotels—plugging gaps across asset classes.

Chennai Market Tailwinds

Chennai added over ₹4,300 crore in home registrations during May 2025, while luxury launches priced up to ₹40,000 per sq ft will release more than 8,000 units city-wide by 2028. Velachery itself averages ₹9,040 per sq ft, with listings starting near ₹5,844 and capping near ₹15,899.

Prestige’s fresh launch, Pallavapuram Garden off GST Road, racked up almost 150 bookings in its first two weeks. Two- and three-bedroom homes opened near ₹78 lakh, proving well-branded projects still draw quick buyers beyond the tech belt.

Velachery Flagship Project

The 3.48-acre plot sits next to the 100-ft Bypass Road and links in 15 minutes to Taramani MRTS. At a likely FSI above 4.9, the site can fit 650 – 700 apartments across two or three towers. No launch date is official, but a late-2025 or early-2026 soft launch is realistic. With Velachery commanding ₹9,000 – 16,000 per sq ft, early-bird pricing may hover near the upper band.

Here's the Development Roadmap for the Velachery project, as requested: What Buyers Gain

Rental yields in Velachery average 3.5 – 4 percent, better than the Chennai city mean of 2.7 percent. Capital values rose about 9 percent CAGR (2020 – 2024); the upcoming Metro Orange Line could push annual appreciation to 11 percent once operational.

Frequently Asked Questions
1. When was the Prestige–Arihant joint venture signed?

The agreement was signed on 12 May 2025.

2. How large is the first project?

It covers 3.48 acres and is planned to deliver about 7.5 lakh sq ft of saleable space.

3. What is the project’s revenue potential?

The gross development value is estimated to exceed ₹1,600 crore.

4. When might sales begin?

A soft launch is expected in late 2025 or early 2026, subject to approvals.

5. Will the homes be premium-priced?

Given Velachery’s current rates, prices are likely to sit at the upper end of the suburb’s ₹9,000 – 16,000 per sq ft range.

Prestige Group pre launch new project is Prestige Pallavaram Gardens