Arihant Foundations acquires prime land parcel on Anna Salai

Chennai-based real estate developer Arihant Foundations & Housing Limited has acquired a prime land parcel measuring over half an acre on Mount Road (Anna Salai), adjacent to Hyatt Regency Chennai, through direct acquisition.

The transaction was recorded according to market sources. The property measures around nine plots of land and the deal is estimated to be worth around ₹100 crore as the prevailing market rate is around ₹10 crore per ground.

The company plans to develop a boutique Grade A commercial office project at the site with an estimated Gross Development Value of ₹300 crore.

The proposed Grade A office development is intended to meet the ongoing demand for quality office space from occupiers across sectors including corporates, global talent centres, information technology, financial services and engineering.

“We plan to develop an area of ​​approximately 1 lakh square meters consisting of ground plus ten floors. The project, in which an international architect will be involved, is expected to be completed within two years,” a company source said.

Construction will begin after all necessary approvals are received. Asked about who the seller was, the source said: “Many years ago, this was a single parcel of land before it was sold to multiple owners. Now, we have repurchased the entire parcel. One of the sellers was from Bengaluru and the other was a Coimbatore-based family.”

“Mount Road is Chennai’s most prestigious commercial address and the demand for premium Grade A office space in the central business district continues to strengthen. This development is a significant step in expanding our commercial portfolio,” said Kamal Lunawath, Managing Director, Arihant Foundations & Housing Ltd. This acquisition follows the company’s recent transaction on a similarly sized parcel of land near the Boat Club.