Rane (Madras) Limited board approved sale of 3.48 acre out of 4.5 acres total owned in Velachery, Chennai to Canopy Living LLP, a joint venture between Arihant Foundations & Housing Limited and Prestige Estates Projects Limited. Shareholder approval obtained May 29, 2025. Other details to be updated upon finalisation of commercial terms and execution of definitive agreements.

Property will be used for mixed-use development including residential and commercial space. Total development size around 1 million sq ft, project expected to commence in 2026. Land value per acre approximately Rs. 90 crore. Brigade Enterprises recently acquired 5.41 acre land parcel in Velachery for Rs. 441.70 crore.

Brigade Enterprises acquired 5.41 acres on Velachery Road, Chennai from Raptakos, Brett & Co for ₹442 crore through outright purchase. Site is next to Phoenix Mall. Planned development: premium residential project with 8 lakh sq ft total development potential and ₹1,600 crore Gross Development Value. Location offers connectivity to OMR IT corridor and Central Business District. Brigade's Chennai portfolio: over 125 acres and 170 lakh sq ft developable area. Existing projects: Brigade Vantage (retail), WTC Chennai (office), Brigade Residences at WTC (residential), Holiday Inn (hospitality), Brigade Xanadu (residential), Icon (mixed-use, recently launched).

Chennai’s technology clusters span OMR, Taramani, Sholinganallur, Perungudi and Guindy. Premium areas charge ₹45,000–₹50,000 monthly for a 2BHK; rents in the listed localities vary by size and amenities:

• Sholinganallur: ₹15,000–₹28,000; ELCOT Sholinganallur IT-SEZ on OMR has Wipro, HCL Technologies, Cognizant, Ford and Sutherland.
• Thoraipakkam: ₹10,000–₹20,000; near Chennai One IT SEZ and ASV Suntech Park.
• Pallikaranai: ₹13,000–₹18,000; connected to OMR by Pallavaram–Thoraipakkam Radial Road; ELCOT SEZ is 6.1 km away, Chennai One IT Park 8 km and TIDEL Park 11 km.
• Velachery: ₹18,000–₹20,000; TIDEL Park and Elnet Software City are about 4 km away, OMR 5 km. TIDEL Park has hosted TCS, Sify, Guardian and EY.
• Porur: ₹10,000–₹18,000; DLF Cybercity, Manapakkam, is about 3 km away and houses IBM, Accenture and Barclays.
• Ambattur: ₹8,100–₹18,000; Ambit IT Park is about 6 km away and has HCL, Dell, Reliance, TCS and Tech Mahindra.
• Maduravoyal: ₹16,000–₹20,000; accessible to DLF Cybercity and the Porur corridor.
• Avadi: ₹7,120–₹20,000; near TIDEL Park Pattabiram, about 0.7 km from Pattabiram railway station. Nearby residential areas include Melpakkam, Ambattur and Thirumullaivoyal.

Check maintenance, deposits, furnishing, brokerage and peak-hour commute times when comparing rentals.

The Pallavaram-Thoraipakkam Radial Road (200 Feet Radial Road) connects GST Road at Pallavaram to Rajiv Gandhi Salai (OMR) at Thoraipakkam, linking Velachery, Pallikaranai, Madipakkam, Kilkattalai. Carries 1.25 lakh vehicles daily.

2 km section through Pallikaranai marshland will be replaced with six-lane elevated bridge. Estimated civil construction cost: ₹450 crore. Current road embankment blocks floodwater flow; bridge will ease annual flooding in Ram Nagar, Velachery, Madipakkam. Detailed Project Report being finalised.

Corridor designated under TN Global Capability Centre and Development Programme (alongside Mount-Poonamallee Road and Rajiv Gandhi Salai/OMR). Targets attracting global firms with improved infrastructure and higher FSI.

Recent investments: KLA Tencor Software India (US-based semiconductor equipment company) purchased 12 acres for ₹1,020 crore for Global Capability Centre; linked to KLA's ₹13,510 crore R&D hub and innovation centre agreement.

Existing major commercial developments: Embassy Splendid TechZone IT park; CapitaLand's ITPC Radial Road (ITPC Pallavaram).

Property prices (5-year increases): Velachery ₹11,500/sq ft apartment (land ₹7,100–₹18,850/sq ft), +54%. Pallikaranai ₹7,900/sq ft apartment (land ₹4,150–₹7,500/sq ft), +46.3%. Madipakkam ₹8,750/sq ft apartment (land ₹8,550–₹13,100/sq ft), +52.2%.

A 2-km elevated bridge will replace part of Pallavaram-Thoraipakkam Radial Road from Chennai One to Kamakshi Hospital junction. The bridge will be six lanes with 200-metre spans and 2.5-metre diameter piers. Seven hectares of Pallikaranai marshland will be restored where the road currently exists. The project cost is ₹450 crore with a two-year construction timeline; no land acquisition is needed. The road currently carries approximately 1.25 lakh vehicles daily and connects Rajiv Gandhi Salai with Velachery, Pallikaranai, Madipakkam, Kilkattalai and GST Road. Removing the road will benefit flood-prone areas including Ram Nagar, Velachery and Madipakkam. Currently only 90 metres of the 2,100-metre road has culverts; the marshland requires 15,000 cusecs of water flow to Okkiyam Maduvu. The detailed project report is in final stages.