Arihant Foundations, Prestige Estates JV Acquires Land in Chennai, India

MT Newswires Live

Mar 27

Arihant Foundations and Housing (BOM:531381) and Prestige Estates Projects (NSE:PRESTIGE, BOM:533274) have jointly acquired a 16.33-acre land parcel in Chennai through their joint venture Canopy Living, according to a Thursday company statement.

Shares of Arihant Foundations rose over 1% in Friday's trade, while Prestige Estates slipped nearly 4%.

The land is planned to be used in a residential development project with a total saleable area of around 3.6 million square feet and an expected revenue potential of about 50 billion Indian rupees, the filing said.

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