Rane (Madras) (RML) has signed an agreement with Canopy Living—a joint venture between Arihant Foundations & Housing and Prestige Estates Projects, to sell 3.48 acres of land located in Velachery, Chennai.

The total land parcel spans 4.50 acres, and RML will retain the remaining portion to construct a new consolidated office. This strategic land monetisation move is aimed at achieving two key objectives: reducing the company’s debt burden and integrating city-based offices of various divisions, which is expected to unlock long-term cost synergies stemming from the ongoing merger-related restructuring. By centralising operations under one roof in the retained portion of the land, RML plans to enhance operational efficiency and promote better resource utilisation.

RML’s approach reflects a focused effort to streamline its urban real estate holdings while also preparing for future expansion. The construction of a modern office complex on-site further supports the company’s ambition to foster growth and collaboration across its divisions.