Arihant Foundations & Housing Ltd acquires Prime Mount Road Land Parcel for Grade A Office Development

Arihant Foundations & Housing Limited (NSE: ARIHANT | BSE: 531381), a Chennai-based real estate developer, today announced the outright acquisition of a prime land parcel measuring over half an acre on Mount Road (Anna Salai), in the heart of the city's central business district and adjacent to the Hyatt Regency Chennai. The Company plans to develop a boutique Grade A commercial office project on the site, with an estimated Gross Development Value of ₹300 crore.

The Company considers the acquisition a strategic addition to its commercial portfolio in central Chennai. The site is situated on the Anna Salai (Mount Road) corridor within the city's central business district, an established commercial micro-market. The proposed Grade A office development is intended to address continuing demand for quality office space from occupiers across sectors including corporates, global capability centres (GCCs), information technology, financial services and engineering.

This acquisition follows the Company's recent transaction on a land parcel of similar extent near Boat Club. These acquisitions reflect the development model that the Company is pursuing in acquiring welllocated parcels in prime, land-scarce pockets of the city and developing them into boutique Grade A office buildings. The model centres on design-led, high-specification developments in established central locations, where large land parcels are rarely available and demand for quality office space is strong.

"Mount Road is Chennai's most prestigious commercial address, and demand for premium Grade A office space in the central business district continues to strengthen. This development is an important step in expanding our commercial portfolio, and we are committed to creating a landmark asset that reflects Arihant's four decades of building with distinction", said Kamal Lunawath, Managing Director, Arihant Foundations & Housing Ltd.

Shares of Arihant Foundations & Housing Limited was last trading in BSE at Rs. 798.65 as compared to the previous close of Rs. 785.20. The total number of shares traded during the day was 716 in over 93 trades.

The stock hit an intraday high of Rs. 807.95 and intraday low of 778.05. The net turnover during the day was Rs. 564179.00.

Source : Equity Bulls

Keywords

ArihantFoundationsandHousing INE413D01011 Realty LandParcel Acquisition MountRoad GradeA OfficeDevelopment