Chennai based Arihant Foundation intends to invest Rs. 650 crore in Chennai & Bengaluru

A popular name in real estate sector Arihant Foundations and Housing is planning to invest Rs. 650 crore in its home city and Bengaluru within FY25. It will also invest Rs.150crore to develop Grade A office spaces in Bengaluru and the rest of the investment will be in Chennai real estate.

The managing director of Arihant Foundations and Housing Kamal Lunawath said,"We are looking at projects close to the central business district in Bengaluru, the northern part and also close to the eastern IT corridor of Whitefield. For the first half of FY25, we are looking to close some commercial transactions in the city. Additionally, we are also scouting for land parcels for the residential segment." 

Presently, the company is targeting to develop close to 0.5 million sq ft (msf) of commercial space and 1 msf of residential space in both cities in FY25. Till date, Arihant has developed 20 msf in Chennai, with 4 msf of office space.

Lunawath also added, "Last financial year, we saw a top line of Rs. 84 crore. We are looking to grow by at least 15-20 percent in FY25. While Chennai has been our primary market, as we foray into Bengaluru, we are looking to develop standalone marquee commercial office spaces not less than 0.5 million sq ft."

lately, they  have signed deal with Equitas Small Finance Bank for the development of its corporate headquarters at Anna Salai, Chennai. The project is close to 0.2 msf with a transaction value of more than Rs. 300 crore.

Lunawath mentioned that, the company is focusing premium luxury apartments starting from Rs. 2 crore a unit and can go up to Rs. 15 crore. He also added, However, currently we are working on a project in Chennai in mid-segment where the ticket sizes will be starting from Rs. 1.5 crore. All the other developments for FY25 will be in the luxury segment."

Arihant has also signed a deal with Ashiana Housing for developing senior living homes in Chennai to develop at least 0.5 msf of elder-care housing in FY25. They are planning to invest on senior living projects in Chennai in a joint development.

he said, "Today, we see more homebuyers eager to invest in premium luxury apartments in Chennai, upward of Rs. 2-3 crore. We expect the growth momentum to continue in FY25."

In 2023, Chennai has recorded the highest office leasing deal with 10.5 msf of gross absorption, according to a report from real estate consultancy Colliers India and hit the top three list after Bengaluru and Delhi-NCR.