Arihant Foundations Buys Mount Road Land for ₹100 Crore to Build Office Space

Chennai-based real estate developer Arihant Foundations & Housing Limited has acquired a prime land parcel measuring over half an acre on Mount Road (Anna Salai), adjacent to the Hyatt Regency in Chennai, for an estimated ₹100 crore. The developer plans to construct a boutique Grade A commercial office project on the site, which was recently registered after being purchased from multiple sellers.

The acquired property measures approximately nine grounds. With the prevailing market rate at nearly ₹10 crore per ground, market sources estimate the transaction to be worth around ₹100 crore. The developer plans to build a ground-plus-ten-floor commercial building spanning around 1 lakh square feet, with an estimated Gross Development Value of ₹300 crore.

To secure the entire land parcel, Arihant Foundations & Housing Limited purchased the property from multiple owners. The site was originally a single land parcel many years ago before it was sold to multiple owners. The sellers in this transaction included one owner based in Bengaluru and a family based in Coimbatore.

Kamal Lunawath, Managing Director of Arihant Foundations & Housing Limited, stated that Mount Road is Chennai's most prestigious commercial address, and noted that demand for premium Grade A office space in the central business district continues to strengthen. He added that the development is an important step in expanding the company's commercial portfolio. This acquisition follows a recent transaction by the company for a land parcel of similar extent near Boat Club.

The proposed Grade A office project is designed to address the ongoing demand for quality office space from occupiers across various sectors, including corporates, global capability centres, information technology, financial services, and engineering. The developer plans to engage an international architect for the design.

Construction for the project is scheduled to begin once all necessary approvals are obtained. The company expects the project to be completed within two years after securing these approvals.