Chennai — Arihant Foundations & Housing Ltd. has acquired a strategically located 3‑acre land parcel on MGR Salai in Perungudi, marking the gateway to Chennai’s growing IT corridor along Old Mahabalipuram Road (OMR).
The Bengaluru-listed developer plans to build a premium residential community encompassing approximately 0.7 million sq ft, with a projected Gross Development Value (GDV) of ₹1,200 crore. Situated within walking distance of over 15 million sq ft of Grade A office spaces—including Global Infocity Park, Brookfield Millenia Park, and DLF Downtown—the location offers proximity to Chennai’s major employment hubs.
Arihant aims to address escalating demand for upscale residences among IT professionals working in the area. The upcoming development will feature thoughtfully designed modern apartments, lifestyle amenities, and spacious green zones, pending final regulatory approvals.
Kamal Lunawath, Managing Director of Arihant Foundations, emphasized the strategic value of the acquisition, stating that it “marks a significant step forward in our strategy to create premium residential communities in Chennai’s high‑growth corridors,” offering exceptional connectivity and lifestyle benefits.
Construction is slated to begin once all necessary permissions are secured, with project timelines to be announced shortly. This acquisition reinforces Arihant’s strong presence in Chennai’s real estate market, supported by its 40-year track record and delivery of over 25 million sq ft of projects across the city.
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About Arihant Foundations & Housing
Established in 1995, Arihant Foundations & Housing Ltd. is one of the leading real estate developers in South India, with a strong presence in Chennai. The company has successfully completed a wide range of residential and commercial projects, delivering over 25 million sq ft of built-up space. Known for its emphasis on quality construction, timely delivery, and customer-centric approach, Arihant has catered to diverse segments from affordable housing to premium apartments and commercial complexes. The company continues to expand its footprint with strategic land acquisitions and innovative developments in key urban growth corridors.
Key Highlights
Location: MGR Salai, Perungudi, Chennai (near OMR)
Land Area: 3 acres
Planned Built-up Area: 0.7 million sq ft
Projected GDV: ₹1,200 crore
Target Segment: IT professionals in nearby office hubs
Proximity to Offices: Walking distance to over 15 million sq ft of Grade A offices
Context & Implications
Positioned at the OMR corridor gateway, the plot offers excellent transportation links and access to major commercial clusters. The development underscores demand for premium housing in Chennai’s IT belt, which is witnessing steady residential growth.
Arihant’s past projects in Chennai—including landmark developments like Majestic Towers—highlight its experience and reputation.
As Arihant moves forward with regulatory clearances, the launch of this project is expected to reaffirm Chennai’s appeal to professionals seeking high-quality residential options close to work.
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Harsh Dev is a Senior Real Estate Advisor at BookNewProperty, specializing in investment analysis and long-term asset appreciation. With extensive experience in the Bangalore market, he tracks high-growth corridors and infrastructure shifts. Harsh provides data-backed insights to help readers navigate complex property trends and economic cycles.
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