Arihant Foundations & Housing informs about acquisition of land parcel

Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Arihant Foundations & Housing has informed that the company 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 proposes to develop a boutique Grade A commercial office project on the said land parcel, with an estimated Gross Development Value (GDV) of approximately ?300 crore. The acquisition forms part of the Company’s strategy to expand its commercial real estate portfolio through the development of high-quality Grade A office assets in prime and land-scarce micromarkets within Chennai.

The above information is a part of company’s filings submitted to BSE.