Prestige Estates Projects Ltd saw its shares rise by 5% in morning trade after announcing a strategic collaboration with Arihant Foundations and Housing Ltd to jointly develop real estate projects in Chennai. The companies have signed a framework agreement to explore opportunities across residential, office, retail, and hospitality sectors.
This partnership aims to harness Prestige Estates’ strong market presence and Arihant’s 40+ years of experience in real estate, with a proven track record of over 25 million sq. ft. of completed projects. The venture will function on a project-by-project basis, with specific terms defined individually for each development.
The collaboration is expected to bring innovative, high-quality developments to Chennai’s growing real estate market. Importantly, the joint venture does not involve any share exchange, does not fall under related party transactions, and carries no promoter-related conflicts of interest.
Both companies will evaluate land and project investments as opportunities arise, with a shared focus on strategic growth and long-term value creation in the region.
Prestige Estates’ shares opened at ₹1,339.90, with a high of ₹1,361.00 and a low of ₹1,330.00 during the trading session. Over the past 52 weeks, the stock has seen a peak at ₹2,074.80 and a low of ₹1,048.05.
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