Prestige Group and Arihant Group Join Hands for a Major Padi Land Deal in Chennai
Prestige Group has expanded its footprint in North Chennai with a fresh land acquisition in Padi. 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 and Arihant Foundations and Housing. The deal, formally announced through a regulatory filing, marks one of the larger land transactions in the city's residential real estate market in recent years.
According to disclosures, the acquisition, executed through Canopy Living LLP, represents one of the largest land deals in Chennai over the past decade with an estimated gross development value of ₹5,000 crores and total saleable area of 3.6 million square feet for premium residential development. Some reports on the transaction have pegged the land at 16.38 acres and cite Prestige Group, through its joint venture firm Canopy Living LLP, has signed an agreement to acquire a premium 16.38-acre land parcel in the Padi–Korattur micro-market of Chennai for ₹561 crore. The land was earlier owned by Sundaram-Clayton Ltd, though the developers themselves have not officially confirmed the deal value. Other filings note that the companies have not disclosed the cost of the land parcel or the identity of the seller.
Location is central to why this parcel has drawn attention. Strategically located in Padi, in close proximity to Anna Nagar, one of Chennai's most sought-after residential micro-markets, the site benefits from a well-established ecosystem, including strong social infrastructure and connectivity. The site itself sits within a fast-changing pocket of the city, with reports noting 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. Additionally, excellent connectivity to Anna Nagar, Mogappair, Ambattur Industrial Estate and major arterial roads is expected to work in favour of the upcoming development.
On the scale of the planned project, 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 positions the project among the larger single-site residential developments planned in Chennai in the current cycle.
Commenting on the acquisition, Prestige Group leadership pointed to Chennai's long-term potential. 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, and emphasized the group's focus on expanding its presence through high-quality developments with an emphasis on execution and timely delivery. Arihant Group's leadership echoed similar confidence, with Kamal Lunawath, Managing Director of Arihant Group, adding, "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. We see strong potential for a premium development that aligns with the expectations of today's homebuyers in the city."
The partnership brings together two developers with complementary strengths in the region. Prestige Group is renowned for its diverse real estate developments across India, with a legacy spanning nearly four decades, and 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. On the other side of the JV, 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.
For homebuyers tracking Chennai's premium housing supply, this acquisition is significant because large contiguous land parcels near established residential belts like Anna Nagar are becoming increasingly scarce. The move may influence supply dynamics in the premium neighbourhoods of the city as similar large parcels remain limited. While specific unit configurations, pricing, tower plans, and RERA registration are yet to be announced, the scale of the proposed 3.6 million sq ft development suggests a multi-phase launch is likely once approvals and design plans are finalised. Prospective buyers interested in the Padi-Korattur micro-market should watch for formal project branding, RERA registration, and price disclosures over the coming quarters.
