Prestige and Arihant Confirm Project Scale for Padi Site: 3.6 Million Sq Ft, ₹5,000 Crore GDV
Prestige Group and Arihant Group have officially confirmed the scale of their upcoming residential development on Padi land in Chennai. Prestige Group and Arihant Group have jointly acquired a 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 confirmation puts to rest speculation about the true magnitude of the site and positions it as one of the most significant land deals in the city in recent years.
According to the joint disclosure, 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. This confirms earlier estimates and cements Padi as the site of a genuinely large-format urban housing play rather than a boutique development. Industry commentary has noted that the project is expected to deliver approximately 3.6 million sq ft of saleable residential space, positioning it as a large-format urban housing development rather than a boutique luxury play.
Location is central to the project's appeal. Strategically located close to Anna Nagar, the parcel benefits from established social infrastructure and strong connectivity that underpin residential demand in the micro market. Padi itself has its own identity within Chennai's growth map: 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 scale of the transaction stands out even against a market where JV land deals have become common. The ₹5,000 crore GDV places the project among the top-tier residential investments in Chennai, where most recent JV-led developments have ranged between ₹1,000-₹2,000 crore, including the partners' earlier Velachery project with ~7.5 lakh sq ft and ₹1,600 crore potential. This comparison underscores just how large a bet Padi represents for both partners, and why the market is watching the confirmed figures closely.
Both leadership teams have weighed in on the rationale behind the deal. Irfan Razack, Chairman and Managing Director of Prestige Group, commented that "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." Kamal Lunawath, Managing Director of Arihant Group, added that "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."
The transaction has to be seen within Prestige's broader momentum. The developer closed FY26 with record numbers: Prestige Estates Projects Limited reported landmark FY26 performance with annual pre-sales reaching ₹30,024 crore, up 76% year-on-year, marking the first time the company crossed the ₹30,000 crore milestone. The company has signalled that this momentum will continue, with management stating that the company is targeting ₹35,000–36,000 crore in sales bookings for FY27, indicating continued growth momentum. On the Chennai front specifically, Prestige is a diversified developer that, as at December 2025, comprised 313 delivered projects spanning 206 mn square feet and a pipeline of 128 projects across 195 mn square feet, while its partner Arihant Foundations and Housing Limited is a Chennai based developer with more than four decades of experience and a delivery track record exceeding 25 mn square feet.
What does this mean for prospective buyers? The confirmed 3.6 million sq ft figure and ₹5,000 crore GDV give a clear sense of density and positioning, but formal specifics — unit configurations, tower count, pricing and RERA registration — are yet to be released. Given the site's scale, a phased launch strategy is likely, similar to how Prestige and Arihant have structured other Chennai JV sites such as Pallavaram Gardens and the Velachery parcel. Buyers tracking North Chennai's Padi-Anna Nagar belt should watch for the formal project name, RERA filing, and price band announcements over the coming quarters as approvals progress.
For now, the confirmation of scale is itself the headline: Prestige Estates Projects Ltd and Arihant Foundations have acquired a 16.3-acre land parcel in Chennai to develop a premium residential project with an estimated gross development value (GDV) of ₹5,000 crore, marking one of the largest housing bets in the city's recent cycle. It reaffirms both groups' commitment to Chennai as a growth market alongside Bengaluru, Mumbai, Hyderabad and the NCR.
