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Prestige Estates Projects Ltd and Arihant Group have jointly acquired a 16.3-acre land parcel in Padi, Chennai, to develop a premium residential project with an estimated revenue potential of around INR 5,000 crore. The acquisition has been executed through their joint venture entity, Canopy Living LLP. The planned development will have a saleable area of approximately 3.6 million sq ft. The companies have not disclosed the transaction value or seller details. The project reflects continued developer interest in Chennai's residential market, supported by infrastructure growth and evolving housing demand.
Prestige Estates Projects Ltd and Arihant Group have jointly acquired a 16.3-acre land parcel in Padi, Chennai, for the development of a premium residential project with an estimated revenue potential of approximately INR 5,000 crore, according to a regulatory filing issued in the past week. Advertisement
The acquisition has been carried out through Canopy Living LLP, a joint venture between Prestige Estates Projects Ltd and Arihant Foundations and Housing Ltd. The companies have not disclosed the cost of the land parcel or the identity of the seller.
The proposed development is expected to have a total saleable area of around 3.6 million sq ft, indicating a large-scale residential project within the city's established urban limits. The project is positioned within the premium housing segment, reflecting continued demand for higher-quality residential developments in Chennai.
Padi, located in the northern part of Chennai, has emerged as a residential and industrial hub, benefiting from connectivity to key employment centres and established infrastructure. The acquisition highlights the continued focus of developers on strategically located land parcels within urban areas that offer access to transport networks and social infrastructure.
Irfan Razack, chairman and managing director of Prestige Estates Projects Ltd, indicated that Chennai remains an important market for the group, supported by stable demand conditions, improving infrastructure and evolving consumer preferences in the residential segment. He added that the company continues to evaluate opportunities aligned with long-term growth prospects in the city.
Prestige Group has a significant development portfolio across India, having delivered 313 projects spanning approximately 206 million sq ft as of late 2025. The company also has an ongoing pipeline of 128 projects covering around 195 million sq ft, indicating continued expansion across multiple markets and asset classes.
The joint development approach with Arihant Group reflects a broader trend in the real estate sector, where developers collaborate to undertake large-scale projects, optimise capital deployment and manage execution risks. Such partnerships are particularly relevant in urban markets where land availability is limited and project scale requires significant investment.
The Chennai residential market has witnessed steady activity in recent years, supported by end-user demand, infrastructure upgrades and relatively stable pricing compared to other metropolitan cities. Developers have increasingly focused on launching projects that cater to changing buyer preferences, including larger homes, integrated amenities and improved connectivity.
The acquisition underscores ongoing interest from established developers in expanding their presence in Chennai through large, revenue-generating residential developments, aligned with long-term demand fundamentals in the city.
Source - PTI
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