PRESTIGE ACQUIRES 16.38-ACRE PADI LAND IN CHENNAI

Prestige Estates Projects has moved decisively to strengthen its footprint in North Chennai. Prestige Estates Projects informed that Prestige Group, through Canopy Living LLP, a joint venture between Prestige Estates Projects and Arihant Foundations & Housing, has signed a pact to acquire a 16.381-acre land parcel in Padi, Chennai. The land parcel is strategically located near Anna Nagar, one of Chennais most established and prime residential micro-markets, known for its strong social infrastructure, excellent connectivity, and mature residential character. The regulatory filing confirming the agreement was made on January 8, 2026.

The commercial terms of the deal were also disclosed to the exchanges. Sundaram-Clayton 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, with an advance of ₹25 crore received, and the balance consideration of ₹535.67 crore to be received on execution of the sale deed. The total value of the transaction was pegged at Rs 561 crore, making it one of the more significant land deals in the city in recent years.

Following the initial agreement, Prestige and its Chennai-based partner moved to formalise the acquisition and reveal development specifics. Prestige Group and Arihant Group jointly acquired the prime 16.331-acre land parcel in Padi, Chennai, with the proposed development being 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 marks a sharp increase from the land cost alone, reflecting the scale of the planned residential offering.

Industry voices have weighed in on the significance of the deal. Irfan Razack, Chairman and Managing Director of Prestige Group, stated that Chennai continues to be a key market for the company, with strong long-term potential driven by 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, and that the project, given its scale and strategic location near Anna Nagar, is well-positioned to tap into this demand.

Analysts tracking the transaction note its scale relative to recent Chennai land deals. 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. The Padi-Korattur belt, once seen as a secondary industrial and residential zone, is increasingly being viewed as a growth corridor because of its adjacency to Anna Nagar and its improving road and rail connectivity.

For homebuyers, the acquisition signals a fresh premium housing supply pipeline in a part of Chennai that has historically been underserved by large-format branded developments. Strategically located close to Anna Nagar, the parcel benefits from established social infrastructure and strong connectivity that underpin residential demand in the micro market. Buyers who have long wanted an Anna Nagar address but found inventory limited or expensive now have a large-scale alternative to track as this project moves from land acquisition toward launch.

This is not an isolated move for Prestige in Chennai. This acquisition aligns with the company's ongoing expansion in Chennai, where it had previously secured a 25-acre land parcel in Medavakkam for further growth. Taken together with the group's broader momentum — Prestige Estates had emerged as the leading listed real estate player, reporting pre-sales of Rs 181.4 billion in the first half of the fiscal year — the Padi acquisition fits a pattern of aggressive, calculated land banking in high-demand Indian cities.

While no launch date, unit configurations, or pricing have been announced yet, the project is expected to be developed as Prestige Padi Chennai in partnership with Arihant Foundations & Housing. Homebuyers and investors interested in North Chennai should watch for RERA registration and formal launch announcements over the coming quarters, as the site's location and scale suggest it will be positioned as a flagship premium residential offering in the Anna Nagar micro-market.