Arihant Foundations & Housing Limited has announced a major land acquisition in Chennai through its joint venture partnership. The company disclosed the transaction under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, highlighting its strategic expansion in the Tamil Nadu real estate market.
Canopy Living LLP, a limited liability partnership jointly owned by Arihant Foundations & Housing Limited and Prestige Estates Projects Limited, executed an Agreement to Sell on January 8, 2026, with Sundaram-Clayton Limited. The agreement covers the purchase of freehold land measuring 16.381 acres, strategically located in Korattur Village, Ambattur Taluk, Chennai District, Tamil Nadu.
Parameter: Details
Land Area: 16.381 acres
Location: Korattur Village, Ambattur Taluk, Chennai District, Tamil Nadu
Land Type: Freehold
Agreement Date: January 8, 2026
Expected Completion: On or before February 11, 2026
The transaction involves a total consideration of ₹560.67 crores, structured in two phases. The company has already demonstrated its commitment by paying an advance amount, with the remaining balance scheduled for payment upon formal completion of the sale deed.
Payment Component: Amount
Advance Paid: ₹25.00 crores
Balance Due: ₹535.67 crores
Total Consideration: ₹560.67 crores
Payment Trigger: Upon execution of Sale Deed
Sundaram-Clayton Limited, the seller in this transaction, is a listed company incorporated under the Companies Act, 2013, with CIN L51100TN2017PLC118316 and a registered office in Chennai. The transaction maintains an arm's length nature, as the seller does not belong to the promoter, promoter group, or group companies of Arihant Foundations & Housing Limited.
Key compliance aspects of the transaction include:
• The transaction does not fall within Related Party Transactions.
• The purchase is not part of any Scheme of Arrangement.
• No slump sale provisions are applicable.
• Full regulatory disclosure completed under SEBI guidelines.
The acquisition is being executed through Canopy Living LLP, representing a collaborative approach between Arihant Foundations & Housing Limited and Prestige Estates Projects Limited. This joint venture structure allows both companies to leverage their combined expertise and resources for large-scale real estate development projects in key metropolitan markets.
The transaction is subject to completion of conditions precedent as agreed between the parties, with the expected completion timeline set for February 11, 2026. This structured approach ensures all regulatory and legal requirements are met before the final transfer of ownership.
