Archive · 17 Jun 2025
Rane (Madras) to Sell Velachery Land to Arihant-Prestige JV
Rane (Madras), a company, is selling some land in Chennai.
They're selling about 3.5 acres of land to a company called Canopy Living LLP, which is a partnership between two other companies.
The land is near a hotel.
The sale is expected to bring in around ₹200 crore.
Rane plans to use the land for commercial purposes, like offices, while the other companies will build apartments.
This is part of Rane's plan to sell off some of its extra assets.
Rane (Madras) plans to sell 3.48 acres of land in Velachery to Canopy Living LLP.
Canopy Living LLP is a joint venture between Arihant Foundations & Housing and Prestige Estates Projects.
The land is located near The Westin Hotel in Chennai.
The deal is expected to close at approximately ₹200 crore in cash.
Rane will build commercial space, while Arihant and Prestige will develop residential property.
- Who
- Rane (Madras), Arihant Foundations & Housing, and Prestige Estates Projects.
- What
- Rane (Madras) is selling 3.48 acres of land to Canopy Living LLP.
- When
- The news was published on June 17, 2025, with the deal planned.
- Where
- Velachery, Chennai, near The Westin Hotel.
- Why
- Rane is monetizing its non-core assets.
- Company Selling Land
- Rane (Madras)
- Buyer
- Canopy Living LLP
- Land Size
- 3.48 acres
- Location
- Velachery, Chennai
- Approximate Deal Value
- ₹200 crore
- Seller's Intention
- Commercial Space
- Buyer's Intention
- Residential Property