Arihant Foundations & Housing has acquired a prime land parcel measuring over half an acre situated on Anna Salai (Mount Road), Chennai, adjacent to Hyatt Regency Chennai. The company plans to develop a boutique Grade A commercial office project on the site, with an estimated Gross Development Value (GDV) of Rs 300 crore. The acquisition is a strategic addition to its commercial portfolio in central Chennai. The proposed Grade A office development is intended to address continuing demand for quality office space from occupiers across sectors including corporates, global capability centres (GCCs), information technology, financial services and engineering.
This acquisition follows the company’s recent transaction on a land parcel of similar extent near Boat Club. These acquisitions reflect the development model that the company is pursuing in acquiring well-located parcels in prime, land-scarce pockets of the city and developing them into boutique Grade A office buildings. The model centres on design-led, high-specification developments in established central locations, where large land parcels are rarely available and demand for quality office space is strong.
Arihant Foundations and Housing caters to building segments such as villas, apartments, IT parks, hotels, shopping malls, multiplexes, developed plots and commercial buildings. It has a great ability to serve a diverse range of clients from individual home buyers to commercial clients to multi-unit investors.
