Prestige Estates Projects has signed a framework agreement with Arihant Foundations and Housing Limited to collaborate on real estate projects in Chennai. This collaboration is set to explore a broad range of real estate sectors, including residential, office, retail, and hospitality developments.
The partnership will leverage the expertise and strengths of both companies to deliver high-quality developments tailored to meet the evolving needs of the Chennai real estate market. By combining Prestige Estates’ market presence and Arihant’s extensive industry experience, the joint venture intends to drive innovation and growth within the region. Arihant brings over 40 years of experience and a proven track record in real estate development, having completed around 25 million square feet of real estate projects.
This partnership will operate on a project-by-project basis, with the specific terms and conditions determined for each initiative. While the scope of business encompasses diverse real estate ventures, investments in identified land parcels and projects will be made as and when applicable. The companies plan to jointly focus on expanding their footprint in Chennai’s vibrant real estate landscape.
The joint venture does not involve any share exchange, and it does not fall under related party transactions. Additionally, there are no conflicts of interest with promoters or their group companies. Each project undertaken will be assessed independently to ensure it meets the strategic goals of both organizations.
