Prestige Group, through a joint venture with Arihant Group (Canopy Living LLP), has acquired a prime 16.331-acre land parcel in Padi, Chennai. The site is slated for a premium residential development boasting a total saleable area of 3.6 million sq. ft. and an estimated Gross Development Value (GDV) of ₹5,000 crores. This transaction is noted as one of the largest land deals in Chennai over the last decade, enhancing Prestige’s footprint in this key micro-market.
Joint Acquisition of Prime Chennai Land Parcel
On March 26, 2026, Prestige Group, one of India’s leading real estate developers, announced a significant joint acquisition with the Arihant Group. The transaction involved securing a prime 16.331-acre land parcel located in Padi, Chennai.
The acquisition was executed through Canopy Living LLP, a joint venture established between Prestige Estates Projects Limited and Arihant Foundations and Housing Ltd.
Project Scale and Financial Value
The strategic parcel is designated for the development of a new premium residential project. Key financial and development metrics include:
- Total Saleable Area: Approximately 3.6 million square feet.
- Estimated Revenue Potential (GDV): Approximately ₹5,000 crore.
This transaction is highlighted as being among the largest land deals in Chennai over the past decade, signaling an intent to redefine the residential landscape in the Padi micro-market.
Strategic Location Rationale
The land is strategically situated in Padi, offering close proximity to Anna Nagar, recognized as one of Chennai’s most sought-after residential micro-markets. The site currently benefits from a well-established ecosystem, strong social infrastructure, and excellent connectivity.
Leadership Commentary
Prestige Group Perspective
Mr. Irfan Razack, Chairman and Managing Director of Prestige Group, stated that Chennai remains a key market, citing stable demand, improving infrastructure, and evolving residential preferences. He emphasized the group’s focus on expanding its presence through high-quality developments with an emphasis on execution and timely delivery.
Arihant Group Perspective
Mr. Kamal Lunawath, Managing Director of Arihant Group, noted that the Chennai residential market has shown consistent growth. He believes the project’s scale and strategic location near Anna Nagar position it well to capture current end-user demand for premium developments.
Company Background Highlights
About Prestige Group
Prestige Group is a diversified developer with a legacy spanning nearly four decades. As of December 2025, the Group has delivered 313 projects spanning 206 million sq. ft. and currently maintains a pipeline of 128 projects across 195 million sq. ft.
About Arihant Group
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.
Source: BSE
