🚀 Rane (Madras) Ltd has sold a prime 3.48-acre land parcel in Velachery, Chennai, for ₹361 crore to a joint venture between Prestige Estates and Arihant Foundations, aiming to reduce debt and streamline city operations.

#Chennai #RealEstate #RaneGroup #LandDeal #BusinessNews #DebtReduction #CorporateMoves

  • Rane (Madras) Ltd sold 3.48 acres in Velachery, Chennai, for ₹361 crore.
  • Buyer: Canopy Living LLP, a JV between Prestige Estates Project Ltd and Arihant Foundations & Housing Ltd.
  • The deal was facilitated by CBRE, a real estate consultant.
  • Rane will retain the remaining land (of a total 4.5 acres) to build a new office.
  • Land monetisation aims to reduce company debt and integrate city offices for cost synergies.
  • The sale reflects ongoing consolidation and monetisation trends in Chennai’s real estate market.
  • Strategic land sales like this help companies manage liabilities and streamline operations.
  • 💡 Rane’s move is set to unlock long-term cost benefits and operational efficiency.
  • 🏢 The retained land will house a new office, supporting future business integration.

Source: DT Next

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