PRESTIGE-ARIHANT JV ACQUIRES 16.38 ACRES IN PADI-KORATTUR

PRESTIGE GROUP IS DOUBLING DOWN ON CHENNAI. Canopy Living LLP, a joint venture between Prestige Estates Projects Ltd and Arihant Foundations & Housing Ltd, has signed an agreement to acquire a 16.38-acre land parcel at Padi, Chennai. Prestige Estates' joint venture Canopy Living LLP has agreed to buy a 16.38-acre land parcel in Padi, Chennai, from Sundaram-Clayton for ₹561 crore. 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.

THE PAYMENT STRUCTURE IS STAGED. Sundaram-Clayton said it has received ₹25 crore as advance, with the remaining ₹535.67 crore to be paid at the time of executing the sale deed. This phased structure is standard for large institutional land deals and protects both parties until statutory approvals and due diligence are completed.

LOCATION IS THE HEADLINE HERE. The land parcel is strategically located near Anna Nagar, one of Chennai's most established and prime residential micro-markets, known for its strong social infrastructure, excellent connectivity, and mature residential character. Beyond Anna Nagar, the site's advantage extends further outward. With excellent connectivity to Anna Nagar, Mogappair, Ambattur Industrial Estate and major arterial roads, the upcoming project is likely to attract both end-users and investors looking for long-term appreciation.

SCALE MATTERS. Early disclosures point to a large premium development on this site. The site is proposed to be developed into a premium residential project with a total saleable area of three point six million (mn) square feet and an estimated revenue potential of Rs 50 billion (bn). That places the eventual project among Chennai's largest single-parcel residential developments in recent years.

THIS IS NOT AN ISOLATED MOVE. The Padi-Korattur deal follows a formal collaboration structure set up months earlier. In an exchange filing, Prestige Estates said it has entered into a framework agreement with Arihant Foundations and Housing Limited to collaborate and jointly develop real estate projects in Chennai. Under that same Canopy Living LLP vehicle, the partners have also moved on a second Chennai site. Prestige Group and Arihant Group have bought a 3.48-acre plot in Velachery, Chennai, to build new luxury homes, expected to hold about 7.5 lakh sq ft of high-end apartments with a gross development value of over ₹1,600 crore.

ON THE SELLER SIDE, this is a portfolio cleanup move. The sale allows the TVS Group company to monetize non-core assets, while the JV plans a large residential development on the prime plot. Sundaram-Clayton, an auto-component manufacturer, holds several legacy land parcels across Tamil Nadu that sit outside its core manufacturing business.

THE BIGGER PICTURE: this deal is one piece of an aggressive, multi-city land banking run by Prestige Group. Prestige Estates Projects Ltd acquired a total of 102 acres of land in Bengaluru, Hyderabad, Chennai and Mumbai in the first quarter of the fiscal year, with an estimated gross development value of Rs 20,400 crore. With the scale Prestige now operates at, this is far from a one-off bet on Chennai. Prestige Group's portfolio, as at December 2025, comprised 313 delivered projects spanning 206 mn square feet and a pipeline of 128 projects across 195 mn square feet. On the local execution side, 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, this is a pre-launch signal worth tracking, not a booking opportunity yet. No RERA number, tower configuration, unit mix, or pricing has been released — the transaction is still at the land-acquisition and approval stage. Buyers interested in the Padi-Korattur-Anna Nagar belt should watch for the formal project name and RERA registration, which typically follow 6-12 months after such large land deals in Chennai.