Arihant will develop a 1.8 lakh sq. ft. new office space in Chennai. The work is expected to start in the upcoming months and is targeted to finish within 2 years.
Arihant Foundations and Housing Limited has sold a property on Anna Salai to Equitas Small Finance Bank. According to several sources, this deal was closed at approximately Rs. 300 crores and is said to be one of Chennai’s largest end-use commercial purchases.
A source from the real estate industry said, “This is one of the largest end-use commercial purchases that has happened in the real estate sector in Chennai in recent months. The Anna Salai stretch does not have many large land parcels which are available now.”
Earlier, Aruna Timbers owned the property, which measures around 17 grounds and is diagonally opposite to Ashok Leyland Office. Being close to Little Mount Metro Station, accessibility becomes easier.
Another source from the real estate industry said, “Equitas currently operates out of a space at Spencer Plaza, and they are developing 1.8 lakh sq. ft. office space here.”
The Equitas board is on the site, and debris is being cleaned so that construction may start soon.