Rane (Madras) Limited announced that its Council approved selling land of measurement of 3.48 acres of a total of 4.5 acre owned by the company in Vesery, Chennai to make the Living LLP, a common company between Arihant Foundations & Housing Limited and Prestige Estates Projects Limited.
The company’s shareholders’ approval was obtained on May 29, 2025. Rane said that all other data would be updated after the key terms and conditions and definitive agreements were completed.
According to sources in the real estate sector, this property will be used for the development of mixed use, including residential and commercial space. It learns that the total size of development is about 1 million square feet and is expected to start in 2026.
Arihant Foundations & Housing Limited refused to express himself. Those in the real estate sector stated that the value of the soil per acre is around Rs.90 Crore. Recently, Brigade Brigade Enterprises, based in Bengalur at Velachery, has received 5.41 acres. The transaction value of the acquisition was probably Rs. 441.70 crore.
Published – June 18, 2025 01:15
