Prestige And Arihant To Build Luxury Homes On 3.48 Acres In Velachery
Prestige Group and Arihant Group have bought a 3.48-acre plot in Velachery, Chennai, to build new luxury homes. The two developers will work through a joint venture, Canopy Living LLP, and plan to finish the land deal by 30 September 2026.
- Seller: Rane Madras Limited (RML)
- Price: ₹361.18 crore
- Land kept by RML: 1.02 acres for its own new office
- Advisor: CBRE helped close the transaction
When finished, the site should hold about 7.5 lakh sq ft of high-end apartments. Prestige and Arihant expect the project to earn a gross development value (GDV) of over ₹1,600 crore.
Prestige Group is a Bengaluru-based firm known nationwide for large townships, malls, and office parks. It has completed more than 300 projects and is active in 13 cities.
Arihant Group is rooted in Chennai. Over four decades it has delivered homes and commercial space across Tamil Nadu and knows the local buyer well.
By teaming up, Prestige gains local insight while Arihant gains a national brand and larger capital base.
Velachery sits in south Chennai, near the IT corridors of OMR and GST Road. Residents reach the airport in about twenty minutes and can shop at Phoenix MarketCity or reach top hospitals in a short drive. Metro Rail Phase II, now under way, will bring new stations to the area and cut travel time further.
Because land here is scarce, fresh supply of gated communities is limited. This creates steady demand for well-planned projects.
Early design work points to:
- Spacious 2-, 3-, and 4-bedroom layouts
- Energy-efficient building methods
- Clubhouse, pool, gym, and co-working zones
- Strong security and smart-home features
- Landscaped gardens and play areas
Final floor plans, prices, and launch dates will be released after approvals are in hand.
Chennai's luxury housing market has grown quickly since 2023. Well-paid tech and finance staff now look for larger homes with wellness facilities, while many NRIs seek safe, regulated investments. RERA rules have boosted confidence, but high land costs in core areas limit supply. Projects that offer both location and brand trust, like this one, tend to sell faster and hold value.
Just a few kilometres west, Prestige recently launched Prestige Prestige Pallavaram Gardens—a 21.84-acre township with over 2,069 apartments and its own retail plaza. The success of that launch shows the appetite for branded communities in south Chennai and builds confidence in the new Velachery venture.
- Now: Design and approval process under way
- Early 2026: Expected sales launch (subject to clearances)
- Late 2029: Targeted handover window, depending on phase sequencing
Regular updates will follow once master plans and marketing names are finalised.
The ₹361-crore land purchase in Velachery signals Prestige and Arihant's belief in Chennai's future as a top residential market. With strong job growth, improving transport, and limited prime land, the upcoming luxury community should draw both end-users and investors who want a well-connected address and a trusted developer team.
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