Prestige-Arihant Padi Land Acquisition News

Bengaluru-based Prestige Group has struck one of the largest land deals in Chennai in recent years. Prestige Estates Projects Ltd's joint venture firm has agreed to purchase a 16.38-acre land at Padi in Chennai for Rs 561 crore to build a real estate project. Canopy Living LLP, a joint venture between Prestige Estates Projects Ltd and Arihant Foundations & Housing Ltd, has signed an agreement for the purchase of a land parcel measuring 16.381 acres located at Padi, Chennai. Sundaram-Clayton Ltd is the seller of this land parcel.

The deal structure was disclosed in a regulatory filing. An advance of ₹25 crore was received, and the balance consideration of ₹535.67 crore is to be received on execution of the sale deed. Separately, Sundaram-Clayton Ltd informed the exchanges that it has executed an Agreement to Sell on January 8 with Canopy Living LLP for the sale of its land admeasuring 16.381 acres situated at Korattur village, Ambattur Taluk, Chennai district, Tamil Nadu.

Location is the headline story here. The company said the site is strategically located close to Anna Nagar, one of Chennai's most established residential micro-markets, known for its strong social infrastructure, connectivity and mature residential character. The newly acquired site in Padi is located within Korattur village, Ambattur Taluk, a zone that is fast transforming into a modern residential and commercial corridor, with excellent connectivity to Anna Nagar, Mogappair and Ambattur Industrial Estate.

Subsequent filings clarified the scale of the planned development. The site is proposed for a premium residential development with a saleable area of 3.6 million square feet and an estimated revenue potential of approximately Rs 50 billion. 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.

Both partners weighed in on the rationale for the deal. Irfan Razack, Chairman and Managing Director of Prestige Group, said "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." 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 Padi acquisition is part of a broader land-banking push by Prestige across the country. Realty firm Prestige Estates Projects Ltd has acquired 102 acres of land in Bengaluru, Hyderabad, Chennai and Mumbai in the first quarter of the fiscal year, with these land parcels to develop residential projects having an estimated gross development value of Rs 20,400 crore. As of the latest available disclosures, Prestige Group's portfolio, as at December 2025, comprised 313 delivered projects spanning 206 million square feet and a pipeline of 128 projects across 195 million square feet. The JV partner brings deep local expertise: Arihant Foundations and Housing Limited is a Chennai-based developer with more than four decades of experience and a delivery track record exceeding 25 million square feet.

For homebuyers tracking North Chennai, the takeaway is straightforward: a marquee developer duo has locked in a large, well-connected parcel right next to one of the city's most sought-after addresses. 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, with the land strategically situated offering close proximity to Anna Nagar, recognized as one of Chennai's most sought-after residential micro-markets. While formal launch timelines, tower plans and pricing are yet to be announced, the scale of the acquisition suggests a premium, large-format residential project is on the way — one that buyers evaluating North Chennai should watch closely over the coming quarters.