Prestige Padi: A New Landbank Near Anna Nagar
Prestige Group has entered Chennai's Padi micro-market through a joint venture called Canopy Living LLP, formed with Chennai-based developer Arihant Foundations & Housing Ltd. Canopy Living LLP, a joint venture between Prestige Estates Projects and Arihant Foundations & Housing, has signed an agreement for the purchase of a land parcel measuring 16.381 acres located at Padi, Chennai, according to a regulatory filing on January 8. 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.
The transaction is valued significantly. 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. 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.
Once finalised, this will translate into a large-scale premium residential launch. The site is proposed for a premium residential development with a saleable area of three point six million (mn) square feet and an estimated revenue potential of approximately Rs50 billion (bn). A later regulatory update pegged the parcel at a slightly revised measurement, with Prestige Group and Arihant Group have jointly acquired a prime 16.331 acre land parcel in Padi, Chennai as the site moves through approvals.
Speaking on the acquisition, Prestige Group's Chairman and Managing Director noted that Chennai continues to be a key market for us, reflecting the developer's long-term commitment to the city. The project is currently at the land-acquisition and planning stage; detailed unit mix, floor plans, pricing and RERA registration are yet to be officially released.
