In a high-profile real estate development, Rane Madras Ltd has announced plans to sell its 3.48-acre land parcel in Velachery, Chennai. Located opposite Guru Nanak College and within walking distance of Phoenix Marketcity, the land is estimated to be worth approximately ₹90 crore.
The proposed buyer, Canopy Living LLP, is expected to develop either a residential or a mixed-use commercial project. The sale marks a strategic move in one of Chennai’s fastest-growing real estate corridors, bolstered by metro connectivity, robust infrastructure, and rising land values.
“Velachery has transitioned into a prime commercial and residential hub over the past decade. This parcel’s location makes it ideal for a flagship development,” said a senior property consultant.
The area benefits from its proximity to the Chennai Airport, business parks in Guindy and Perungudi, and seamless access via road and metro networks.
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The deal is expected to close by the end of Q3 2025, with development likely to begin in early 2026.