Prestige Group & Arihant Joint Venture In Chennai Real Estate
Prestige Estates and Arihant Foundations have joined forces to build homes, shops, offices, and hotels across Chennai. Prestigegroup brings a ₹75,000 crore market value and 180 million sq ft of completed projects. Arihant adds 1.1 million sq ft of active builds and ₹4,270 crore of new projects. Together, they target OMR, GST Road, ECR, and Mahabalipuram—areas where prices rose from 4% to 30% last year.
Prestige Group started in 1986 and has done over 300 projects. It holds top credit ratings and major industry awards. Arihant began in 1992 and has deep local land banks in Chennai. Each new project will be a 50:50 joint venture, with shared decisions and profits. They will cover four areas: residential, retail, office, and hospitality.
Chennai home prices have grown 6% to 14% per year in top areas. Mahabalipuram saw nearly 30% growth last year, ECR about 17%, and main roads like GST and OMR gained around 4%. Rents in these zones are about 3% to 5% of the property value each year. New metro lines and road projects will boost these markets further.
- Prestige Pallavaram Gardens on Pallavaram-Thuraipakkam Road: GDV ~₹3,074 cr; launch June 2025; land ready.
- Madhavaram Heights in Madhavaram: part of a ₹3,500 cr Chennai portfolio; launch September 2025.
- Retail & Office in T Nagar and Guindy: approvals in progress; GDV to be set.
- Hospitality near the airport and on ECR: planning stage; each GDV ~₹500 cr.
- Prestige Estates Projects Ltd. began in 1986, has a market cap of ₹75,000 cr, and has built 180 mn sq ft over 300+ projects. It holds CRISIL DA1 and ICRA A ratings and wins awards every year.
- Arihant Foundations & Housing Ltd., started in 1992, manages 1.1 mn sq ft of active projects and plans ₹4,270 cr of new GDV. It is known for its strong local land bank and township expertise.
- Key corridors are set to grow 8%–12% per year through 2027.
- Mahabalipuram saw 30% gains, ECR rose 17%, and GST/OMR each rose 4%.
- Rents average 3%–5% for homes and 6% for offices.
- Land on OMR and GST Road starts under ₹5,000/sq ft, with 20%–30% upside by project launch. This makes these joint ventures strong bets for both price gains and rental income.
What is the Prestige Arihant joint venture in Chennai?
A 50:50 partnership to build homes, shops, offices, and hotels in top Chennai corridors.
Which segments will the JV cover?Residential, retail, office, and hospitality projects across OMR, GST Road, ECR, and Mahabalipuram.
When will the first project launch?Prestige Pallavaram Gardens will launch in June 2025, with handovers from 2029.
Is Chennai a good market for this collaboration?Yes—prices in key areas have grown 6%–14% CAGR, rents are strong, and major infra is coming.
How does this JV benefit investors and homebuyers?It pairs Prestige’s national quality with Arihant’s local land bank, speeding approvals and boosting returns.
| Enquiry |