The Prestige Group and Arihant Group have jointly acquired a prime 16.331-acre land parcel in Padi, Chennai

Prestige Group and Arihant Group have joined forces to acquire a significant land parcel in Padi, Chennai for approximately ₹561 crore. This joint venture will develop a large residential project. The development is expected to offer substantial saleable area and generate considerable revenue. This expansion signifies a commitment to high-quality housing in the city.

The land parcel is proposed to be developed into a residential project with a total saleable area of about 3.6 million sq ft and an estimated revenue potential of approximately ₹5,000 crore. The deal, formalised in early 2026, was executed through their joint venture entity, Canopy Living LLP, with the land purchased from Sundaram-Clayton Ltd.Project HighlightsThe developers plan to transform the site into a premium residential township with the following specifications:Revenue Potential: Estimated at approximately ₹5,000 crore.Saleable Area: Proposed development of about 3.6 million sq. ft..Strategic Location: Situated in West Chennai, the project is in close proximity to Anna Nagar, a major residential and commercial hub.Financial BreakdownAccording to reports from Prestige Golden Grove:Total Consideration: ₹561 crore.Advance Paid: ₹25 crore.Balance Due: ₹535.67 crore to be cleared upon execution of the sale deed.This acquisition is one of the largest land deals in Chennai in recent years and aligns with Prestige Group's strategy to expand its footprint in high-demand urban markets across South India.

Project & Deal Details

The project is set to be one of the largest residential developments in Chennai in recent years.

• Estimated Revenue Potential: Approximately ₹5,000 crore.
• Total Saleable Area: About 3.6 million square feet.
• Land Cost: The deal value is approximately ₹561 crore.
• Seller: The land was purchased from Sundaram-Clayton Ltd.

Strategic Importance

• Location: Situated in Padi (West Chennai), the site is strategically close to the premium residential hub of Anna Nagar, offering excellent social infrastructure and connectivity.
• Expansion: This move strengthens Prestige Group's footprint in Chennai as they continue to expand their presence in major South Indian urban markets.
• Partnership: The joint venture combines Prestige Group's regional development scale with Arihant’s local market expertise.

The development is expected to feature multiple residential towers targeting both mid-income and premium buyers.