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Arihant Foundations & Housing Ltd announced that its subsidiary, Canopy Living, has executed an agreement to purchase a land parcel. An advance payment of INR 250 million has already been made, while the balance amount of INR 5.36 billion will be paid upon execution of the sale deed. While details on the land location and development plan remain undisclosed, the transaction reflects the company's ongoing focus on strengthening its land bank. The acquisition is expected to support future real estate projects and long-term growth plans.
Arihant Foundations & Housing Ltd informed that its subsidiary, Canopy Living, has entered into an agreement to acquire a land parcel. The development was disclosed during the past week through a regulatory update issued by the company. Advertisement
As part of the transaction, Canopy Living has already paid an advance amount of INR 250 million to the landowner. The remaining consideration of INR 5.36 billion is scheduled to be paid at the time of execution of the final sale deed. The company did not disclose further details regarding the location or size of the land parcel.
Arihant Foundations & Housing is engaged in residential and mixed-use real estate development and has undertaken multiple housing projects across key markets. The land acquisition by Canopy Living is expected to support the group's future development pipeline, aligning with its strategy of expanding land reserves to facilitate upcoming projects. Such acquisitions are typically aimed at securing long-term project visibility and maintaining inventory for residential construction.
The company has not indicated the timeline for execution of the final deed or the nature of the proposed development on the site.
Source Reuters
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