Arihant to Launch ₹1,200 Cr High-Rise Residential Project in Perungudi

Chennai developer Arihant Foundations & Housing Ltd has acquired a premium three-acre land plot on MGR Salai, Perungudi, for a high-end residential project. The transaction, a joint development agreement, is valued at an approximate land price of ₹300 crore, sources say.

The new project, with a gross development value (GDV) of around ₹1,200 crore, is likely to change the Perungudi skyline. Arihant is also reportedly developing a residential complex with 35 to 40 floor high-rise towers—set to become the tallest structures in the locality.

Strategically placed on the busy IT strip of Chennai, the project is specifically targeted at tech professionals, start-up entrepreneurs, and knowledge workers working in the nearby business clusters. The location is near prominent IT campuses such as DLF Cybercity, RMZ Millenia Business Park, and SP Infocity.

The project is planned for the IT and start-up center in Perungudi, which has seen rampant growth in recent years,” an official close to the development said. “The locality has hundreds of start-ups besides consulting companies and digital marketing agencies. Arihant is riding this wave of demand for high-end, aspirational housing.

This represents one of the largest Chennai realty deals in recent months and is reflective of a trend towards vertical growth in land-scarce urban corridors.

Perungudi, which was once a distant suburb, has become an office space and residential hotbed rapidly because of its prime location along the OMR and good connectivity to the IT and business hubs of the city.

With plans and approvals in motion, the Arihant project should be rolling in the autumn. Once built, it would create a new high-rise benchmark for South Chennai.