India, June 28 -- Bengaluru-based real estate developer Prestige Group and Chennai-based Arihant Group have announced a strategic partnership to jointly acquire a prime 3.48-acre land parcel in Velachery, Chennai from Rane Madras Limited, the company said in a regulatory filing.

The acquisition, routed through their joint venture entity Canopy Living LLP, will offer around 7.5 lakh sq ft of residential space, with an estimated Gross Development Value (GDV) of over Rs.1,600 crore, marking an expansion to Chennai's real estate market.

Velachery, a residential and commercial hub in South Chennai, offers connectivity to IT corridors like OMR and GST Road. The area's rapid infrastructure growth and proximity to employment hubs make it one of...