Chennai-based real estate developer Arihant Foundations & Housing Limited has acquired a prime land parcel, measuring over half an acre, on Mount Road (Anna Salai), adjacent to the Hyatt Regency Chennai, through an outright purchase.According to market sources, the transaction has been registered. The property measures around nine grounds, and with the prevailing market rate at nearly ₹10 crore per ground, the deal is estimated to be worth around ₹100 crore.The company plans to develop a boutique Grade A commercial office project on the site, with an estimated Gross Development Value of ₹300 crore.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, information technology, financial services, and engineering.“We plan to develop around 1 lakh sq.ft. with a ground plus ten floors. The project, for which an international architect will be engaged, is expected to be completed within two years,” a company source said.Construction will begin once all the necessary approvals are obtained. To a query on who the seller was, the source said: “Many years ago, this was a single land parcel, before it was sold to multiple owners. We have now acquired the entire parcel again. One of the sellers was from Bengaluru, while another was a family based in Coimbatore.”“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,” said Kamal Lunawath, Managing Director, Arihant Foundations & Housing Ltd. This acquisition follows the company’s recent transaction on a land parcel of similar extent near Boat Club. Published - July 02, 2026 10:46 pm IST