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A joint venture between Prestige Estates Projects Ltd and Arihant Foundations & Housing Ltd has agreed to acquire a 16.38-acre land parcel in Padi, Chennai, for INR 561 crore, strengthening Prestige Group's presence in a key urban market. The land is being purchased through Canopy Living LLP from Sundaram-Clayton Ltd and is intended for a future real estate development. The transaction reflects Prestige Group's continued focus on securing well-located land assets in high-demand city locations to support its long-term residential and mixed-use growth strategy. With Chennai emerging as an important market for large-scale urban developments, the acquisition aligns with the group's broader expansion plans across major Indian cities.
Prestige Estates Projects Ltd, through its joint venture entity Canopy Living LLP, has entered into an agreement to purchase a 16.38-acre land parcel in Padi, Chennai, for a total consideration of INR 561 crore. The land is being acquired from Sundaram-Clayton Ltd and is expected to be developed into a large-scale real estate project in the future. Advertisement
According to regulatory disclosures, Canopy Living LLP formed as a joint venture between Prestige Estates Projects Ltd and Arihant Foundations & Housing Ltd signed the agreement on January 8 for the acquisition of the land located at Korattur village in Ambattur Taluk, within the Chennai district of Tamil Nadu. The site is strategically positioned in an established urban area, making it suitable for residential or mixed-use development.
Sundaram-Clayton Ltd confirmed that it has executed an agreement to sell the land and has already received an advance payment of INR 25 crore. The remaining balance of INR 535.67 crore will be paid upon execution of the final sale deed. The transaction is subject to customary approvals and completion conditions.
The acquisition is aligned with Prestige Group's ongoing strategy of strengthening its land bank in high-quality, well-connected urban locations across India. The Bengaluru-based developer has been actively evaluating opportunities in key metropolitan markets to support its future pipeline of residential, commercial and mixed-use developments.
Chennai continues to be a focus market for several large developers, driven by steady end-user demand, improving infrastructure and sustained interest in organised housing projects. The Padi Ambattur micro-market, in particular, has seen increased development activity due to its proximity to employment hubs and established residential catchments.
Prestige Group is among India's leading real estate developers with a strong national footprint. As of September 2025, the group has delivered 310 projects spanning around 202 million square feet. It also has a substantial pipeline of 130 ongoing and planned projects covering approximately 199 million square feet across multiple cities.
The latest land acquisition reinforces Prestige Group's long-term growth strategy and signals continued confidence in Chennai's real estate market.
Source - PTI
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