Chennai, March 2026 – Prestige Group and Arihant Group have jointly acquired a prime 16.331-acre land parcel in Padi, Chennai, through Canopy Living LLP – a joint venture between Prestige Estates Projects Limited and Arihant Foundations and Housing Limited. The land was purchased from Sundaram-Clayton Limited for ₹561 crore, with ₹25 crore paid as advance and the balance of ₹535.67 crore to be paid at the time of executing the sale deed. The land parcel is proposed to be developed into a premium residential project with a total saleable area of approximately 3.6 million square feet and an estimated revenue potential of approximately ₹5,000 crore. 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.
Two Four-Decade Legacies – One Joint Venture
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 Foundations and Housing Limited is a Chennai-based developer with over four decades of experience. They have a delivery track record exceeding 25 million sq ft, focusing on high-quality residential and commercial projects supported by transparency and timely execution. The partnership combines Prestige’s national scale and brand equity with Arihant’s deep Chennai market knowledge and local execution capability — a combination that addresses the two most common risks in large-format residential launches.
Location Context: Padi and the Anna Nagar Adjacency
The land parcel is strategically located near Anna Nagar, one of Chennai’s most established and prime residential micro-markets, known for its strong social infrastructure, excellent connectivity, and mature residential character. Padi sits along the northern Chennai arterial network, with access to the Chennai–Bangalore National Highway, Ambattur Industrial Estate, and the established residential corridors of Anna Nagar West and Mogappair. The area benefits from metro rail connectivity via the ongoing Phase 2 extension, improving its transit profile significantly from its current position.
