Overview
Prestige Canopy Living marks Prestige Group's newest residential foray into South Chennai's Velachery, developed through Canopy Living LLP, a joint venture between Prestige Estates Projects Ltd and Chennai-based Arihant Group. The land parcel, spanning 3.48 acres, was acquired from Rane (Madras) Ltd for ₹361.18 crore, in a deal facilitated by property consultant CBRE.
The project is earmarked for premium residential development with a total development potential of approximately 7.5 lakh square feet and an estimated Gross Development Value (GDV) exceeding ₹1,600 crore. Industry estimates suggest the project could offer close to 500-700 units across 2, 3 and 4 BHK configurations, though the developer is yet to release the final tower count, unit sizes and RERA registration.
Irfan Razack, Chairman and Managing Director of Prestige Group, has stated that Velachery represents an important step in the company's expansion in Chennai, which remains a priority market in its nationwide strategy. Arihant Group's MD Kamal Lunawath has described the collaboration as a blend of Arihant's local roots and Prestige's national experience to deliver a high-value project for Chennai buyers.
With the land acquisition process expected to conclude by September 30, 2026, construction is planned to commence in phases thereafter. Velachery has emerged as one of Chennai's fastest-growing residential and commercial zones, and this joint venture is among several recent high-value land deals in the corridor, alongside Brigade's 5.41-acre Velachery acquisition.
