Prestige & Arihant Acquire Chennai Land for Rs 5,000 Cr Project

Prestige Estates Projects Ltd and Arihant Group have collaboratively purchased a strategic 16.331 -acre land in Padi, Chennai to develop a high-end residential project whose potential revenue is around 5000 crore.

The purchase, which is implemented in their joint venture Canopy Living LLP, signifies a huge expansion of the territory of both developers in one of the quickest growing real estate market in South India. The site is in the well-networked neighbourhood of Padi adjacent to Anna Nagar with good social infrastructure and close to major employment and life centres in Chennai.

Key Highlights

• Prestige and Arihant buy 16.33 acres in Padi.
• Project to generate Rs 5,000 crore revenue.
• Chennai chosen for strong demand and growth.

Though the land cost and seller information was not revealed by Prestige and Arihant, the project will have the potential to provide around 3.6 million sq. ft. of saleable residential area, which will serve the long-term demand of quality housing in the city.

Irfan Razack, Chairman and Managing Director of Prestige Group underlined the long-term appeal of Chennai as the key target market, referring to the stable buyer demand, as well as the enhancement of infrastructure and the shift in residential preferences as the most important reasons. He highlighted the strategy of the Padi acquisition by noting that Chennai remains a major market to the company in the context of its growth ambitions.

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Prestige Group, a top diversified real estate player in India has a huge development portfolio in residential, commercial, retail and mixed use projects in major cities. By the end of 2025, the group has already provided more than 300 projects on more than 200 million sq. ft. and has a robust pipeline of continuous projects countrywide.

The Chennai joint venture project is indicative of optimistic moods in the housing market of the city in general, which is backed by the growth of connectivity, infrastructure, and changes in buyer preferences across the high-end and mid-range housing markets.