Prestige, Arihant Team Up for Real Estate Projects in Chennai

Bengaluru-based realty firm Prestige Estates Projects Ltd has signed a framework agreement with Chennai-based Arihant Foundations & Housing Ltd for developing real estate projects in Chennai in partnership. The collaboration will be across segments like residential, commercial, retail, and hospitality developments.

As per a joint statement, the two firms will collaborate on a project-by-project basis, leveraging their strengths, brand presence, and market expertise to develop quality projects tailored to the Chennai market The terms of each project will be supported by a standalone, definitive agreement spelling out the precise details of the joint venture.

The step is in line with Prestige’s overall strategy to extend its presence in major Indian cities through collaborative opportunities. “This alliance is in line with our vision of long-term growth as it will help us generate enduring value through strategic partnerships,” Prestige Group stated in its statement.

The companies did not reveal the number or size of projects under consideration at this stage but indicated negotiations are underway to seal probable chances.

Prestige’s share closed last Friday at ₹1,282.35 on BSE down by ₹29.45 or 2.25%, and Arihant’s share ended the day’s trade at ₹810.60, up ₹32.20 or 4.14%.

The agreement is a strong move for the two developers, who want to tap into increased demand in Chennai for quality and integrated realty offerings.