Chennai-based Arihant Foundations and Housing Ltd, through its SPV (Special Purpose Vehicle) Vilaya Properties LLP, has partnered with Empee Hotels Ltd, the owners of Hilton Chennai, to develop a Grade-A commercial space adjacent to the hotel.
Spanning approximately 3 lakh sq ft and a gross development value of around ₹500 Crores, this project will integrate office space with hospitality services, says a release.
Strategically located in the most sought-after commercial corridor of the city, this development is set to cater to the burgeoning demand for commercial office spaces, including Global Capability Centres (GCCs), in Chennai. The city has recently emerged as a prime destination for GCCs, thanks to its robust infrastructure, skilled workforce, and favourable government policies.
Arun Rajan, Chief Executive Officer of Arihant, said, “This collaboration with Empee Hotels Ltd represents a significant step forward in our commitment to delivering premium commercial spaces in Chennai.”
The share price of Arihant closed at ₹402.10, up by 1.99 per cent.
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Published on August 26, 2024
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