Prestige Group Buys 16.38 Acres Near Anna Nagar, Chennai

Bengaluru-based Prestige Group has announced that Canopy Living LLP, a joint venture between Prestige Estates Projects Limited and Arihant Foundations and Housing Limited, has signed an Agreement to Sell to acquire a 16.381-acre land parcel in Padi, Chennai.

The land is strategically located close to Anna Nagar, one of Chennai’s most established and sought-after residential micro-markets.

Anna Nagar is known for its robust social infrastructure, excellent connectivity, and mature residential character, making the acquisition particularly attractive for future residential or mixed-use development.

Key Highlights

• Prestige Group JV acquires 16.381 acres in Padi near Anna Nagar
• Deal supports residential and mixed-use development strategy
• Prestige led listed developers with Rs. 18,143.7 crore FY26 H1 pre-sales

According to the company, this transaction aligns with Prestige Group’s strategy of expanding its presence in high-quality urban locations, while maintaining a disciplined and selective approach to capital allocation. The group continues to actively evaluate well-located land parcels across key Indian real estate markets to support its future residential and mixed-use development pipeline.

The acquisition also comes at a time when Prestige Group is demonstrating strong market leadership. In November 2025, the Bengaluru-based developer emerged as the leading listed real estate player, reporting pre-sales of Rs. 18,143.7 crore during the first half of FY26 (April–September).

During the same period, India’s 28 major listed real estate companies collectively recorded property sales of nearly Rs. 92,500 crore, underlining the scale and competitiveness of the sector. Prestige Group’s performance highlights its strong execution capabilities and strategic focus on prime urban markets.

Tariq Ahmed, CEO (West) of Prestige Estates, had told HT Real Estate in November 2025 that he conducts temperature checks on their customers, which showcases a positive momentum. “Homebuyers, from those willing to take a Rs. 1 crore apartment to those willing to take a Rs. 100 crore apartment, are willing to take long-term home loans over five years, which suggests a high level of confidence,” Ahmed had said.

Also Read: Prestige Group Launches The Prestige City Township in East Bengaluru

According to Ahmed, he is an eternal optimist on the market. "I take a temperature check from our customers. There's positive momentum. People are committing. So, let me put it in a different way from a non-metrics qualitative standpoint. When we meet our high-end luxury customers, there are people willing to commit over five years, paying up to Rs. 100 crores for an apartment comfortably," said Ahmed.