Prestige Group, a leading Indian real estate developer, and Arihant Group, a well-known Chennai-based real estate company, have jointly acquired a prime 16.331-acre land parcel in Padi, Chennai. This acquisition is executed through Canopy Living LLP, a joint venture between Prestige Estates Projects Limited and Arihant Foundations and Housing Ltd.
The proposed development on this land will be a premium residential project with a total saleable area of approximately 3.6 million square feet, boasting an estimated revenue potential of ₹5,000 crore. The strategic location in Padi, near Anna Nagar, one of Chennai’s most sought-after residential micro-markets, offers a well-established ecosystem with robust social infrastructure and connectivity.
This transaction is one of the largest land deals in Chennai over the past decade and is anticipated to significantly transform the residential landscape of the micro-market. Mr. Irfan Razack, Chairman and Managing Director of Prestige Group, commented on the transaction, stating, “Chennai continues to be a key market for us, and we see strong long-term potential driven by its stable demand, improving infrastructure, and evolving residential preferences. We remain focused on expanding our presence in the city through well-located, high-quality developments that cater to the aspirations of homebuyers, while maintaining our emphasis on execution and timely delivery.”
Mr. Kamal Lunawath, Managing Director of Arihant Group, added, “Chennai’s residential market has demonstrated consistent growth, supported by end-user demand and a well-established ecosystem. This project, given its scale and strategic location near Anna Nagar, is well-positioned to tap into this demand. We see strong potential for a premium development that aligns with the expectations of today’s homebuyers in the city.”
Prestige Group is renowned for its diverse real estate developments across India, with a legacy spanning nearly four decades and a portfolio that includes residential, commercial, retail, hospitality, and integrated townships. As of December 2025, the Group has delivered 313 projects covering 206 million square feet and currently has a pipeline of 128 projects across 195 million square feet.
Arihant Group, with over four decades of experience, has a track record of delivering more than 25 million square feet of high-quality residential and commercial projects in Chennai, known for transparency, customer-centricity, and timely execution.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).