PRE-LAUNCH
Prestige Group and Arihant Acquire 3.48-Acre Velachery Site for ₹361 Crore Premium Residential Project
Prestige Group and Arihant Group have announced a joint venture to acquire a 3.48-acre land parcel in Velachery, Chennai, for a residential development estimated to generate over ₹1,600 crore in Gross Development Value (GDV). The acquisition, announced on June 28-30, 2025, marks a strategic expansion of both developers' presence in Chennai's central business zone.
| Developer | Prestige Estates Projects Limited & Arihant Foundations and Housing Limited (joint venture via Canopy Living LLP) |
|---|---|
| Location | 140 Velachery Road, Velachery, South Chennai, 600042 |
| Land Area | 3.48 acres |
| Built-up Area | Approximately 7.5 lakh square feet |
| Estimated GDV | Over ₹1,600 crore |
| Acquisition Price | ₹361 crore (from Rane Madras Limited) |
| Unit Mix (Estimated) | 500–700 units across 2, 3, and 4 BHK configurations |
| Current Status | Pre-launch; land acquisition completion guided to 30 September 2026 |
| RERA Registration | Not yet filed; expected late 2026 or early 2027 |
| Estimated Possession | 2028–2029 |
Deal Structure and Background
Prestige Estates Projects Ltd and Arihant Foundations and Housing Ltd have joined hands in a joint venture to develop a premium residential project in Chennai's Velachery. The partners, through their JV entity Canopy Living LLP, acquired a 3.48-acre land parcel from Rane (Madras) Ltd in a transaction facilitated by property consultant CBRE. This partnership brings together Prestige's pan-India execution capability with Arihant's deep local market knowledge—a combination increasingly favoured for high-value urban land deals in South India.
Project Scale and Type
The upcoming project could span close to 7.5 lakh square feet of built-up space. Based on Prestige's portfolio and Velachery's market profile, the Canopy Living project is expected to be a mid-to-high-rise luxury residential tower (or possibly twin towers) offering approximately 500–700 units across 2, 3, and 4 BHK configurations. The project will likely emphasize smart home automation, premium finishes, and lifestyle amenities—clubhouse, swimming pool, gym, kids' play area, landscaped gardens.
Pricing and Configurations Not Yet Published
Land acquisition was announced in June 2025 and completion of the transfer was guided to 30 September 2026. Unit configurations, carpet areas, price and TNRERA registration had not been published by the developer at the time of writing, so every one of those fields is marked 'On Request' rather than estimated. RERA registration is expected by late 2026 or early 2027. Pre-launch marketing (Expression of Interest) may begin even before RERA approval, with formal bookings opening shortly after registration.
Velachery Market Context
Velachery, located in South Chennai, is a major residential and commercial hub with connectivity to IT corridors along Old Mahabalipuram Road (OMR) and GST Road. Velachery in Chennai has emerged as a dynamic real estate hotspot in 2025. Its strategic location, robust infrastructure, and proximity to IT hubs have fueled consistent demand, making it a preferred destination for both homebuyers and investors. Velachery's future growth is supported by planned Metro Rail extensions, improved road networks, and continued commercial development along the IT Corridor. Several IT/ITES businesses have established offices in Velachery. Major players include Tata Consultancy Services (TCS), AllSec Technologies, and Sutherland Global Services. IT and working-class individuals want to live in Velachery because of the growing number of IT parks along the Old Mahabalipuram Road and its closeness to Chennai's Central Business Districts.
Developer Track Record
Prestige Estates Projects Limited is one of India's largest listed developers, headquartered in Bengaluru with a delivery record spanning residential, office, retail and hospitality across South India and, increasingly, Mumbai and the National Capital Region. The company has set a sales target exceeding ₹50,000 crore by FY29–30 across South India, with Chennai as a core market alongside Bengaluru and Hyderabad. Arihant Foundations and Housing Limited is a Chennai-headquartered listed developer with a long local record.
Frequently asked questions
What is the current status of Prestige Canopy Living Velachery?
The project is in pre-launch stage. Land acquisition was announced in June 2025, with completion guided to 30 September 2026. Formal pricing, unit configurations, and RERA registration have not yet been published by the developer.
When is the expected launch and possession?
RERA registration is expected in late 2026 or early 2027, followed by formal bookings. Estimated possession is 2028–2029.
What are the unit configurations and price band?
The project is expected to offer 2, 3, and 4 BHK configurations across 500–700 units. Prices and carpet areas have not been formally announced and remain on request from the developer.
Is the project RERA-registered?
No. RERA registration is expected by late 2026 or early 2027. Until registration is live on the rera.tn.gov.in portal, any commitment beyond a refundable Expression of Interest is not protected by the RERA framework.
Why is Velachery a strategic location for this project?
Velachery offers strong proximity to IT hubs along OMR, major road connectivity (GST Road, Bypass Road), access to Velachery MRTS Station, and planned Metro expansion. The area has consistent residential demand from IT professionals and established social infrastructure.
Who are the joint venture partners?
Prestige Estates Projects Limited (Bengaluru-based pan-India developer) and Arihant Foundations and Housing Limited (Chennai-headquartered local developer) are developing the project through their JV entity Canopy Living LLP.