The company did not disclose the deal value and name of the seller.
Arihant plans to develop a boutique Grade A commercial office project on the site, with an estimated Gross Development Value of Rs 300 crore, according to an official statement.
The company said it considers the acquisition a strategic addition to its commercial portfolio in central Chennai.
The site is situated on the Anna Salai (Mount Road) corridor within the city’s central business district, an established commercial micro-market. The proposed Grade A office development is intended to address continuing demand for quality office space from occupiers across sectors including corporates, global capability centres (GCCs), information technology, financial services and engineering, it added.
This acquisition follows the Company’s recent transaction on a land parcel of similar extent near Boat Club.
These acquisitions reflect the development model that the Company is pursuing in acquiring well located parcels in prime, land-scarce pockets of the city and developing them into boutique Grade A office buildings. The model centres on design-led, high-specification developments in established central locations, where large land parcels are rarely available and demand for quality office space is strong, the company said.
“Mount Road is Chennai’s most prestigious commercial address, and demand for premium Grade A office space in the central business district continues to strengthen. This development is an important step in expanding our commercial portfolio, and we are committed to creating a landmark asset that reflects Arihant’s four decades of building with distinction”, said Kamal Lunawath, Managing Director, Arihant Foundations & Housing Ltd.