Prestige Group Joint Venture Buys 16.38 Acres in Padi, Chennai, for New Real Estate Project

A joint venture by Prestige Estates Projects Ltd has agreed to buy 16.38 acres of land in Chennai. Called Canopy Living LLP, the venture is with Arihant Foundations and Housing Ltd. The value of the deal for the land in Padi is Rs. 561 crores. The deal with the seller, Sundaram-Clayton Ltd, was formalised on January 8, 2026.

The purchase is one of the biggest deals in recent years in the city. It aligns with the Prestige Group’s plan to strengthen its presence in major cities. It is also in keeping with its plans to build more real estate projects.

The Prestige Group paid an advance of Rs. 25 crores for the land at the time of the agreement. The remaining amount of Rs. 535.67 crores is to be paid later. The balance will be cleared by the company when the sale deed is executed.

The Bangalore-based Prestige Group is one of the country’s leading builders. The company was in the news in November 2025 as the leading listed developer. It has been very successful, having built 310 projects with 130 projects in the pipeline. In the first half of FY26, it reported pre-sales of Rs. 18,143.7 crores.

The company stated that its strategy is to buy well-located land in urban areas. It will build housing and commercial projects to meet the demand in the market. Its latest purchase of land in Chennai will add to its list of upcoming projects. It strengthens the company’s presence in the real estate sector in South India.

The land deal is important as it expands the group’s footprint in Chennai’s property market. The city is growing fast, with strong growth of its economy, and a rising housing demand. Large land parcels like this are rare to come by here.

The land purchase is close to the premium Anna Nagar area. With this deal, the group can now develop large-scale housing and commercial projects. These will give it a significant boost in the real estate market of the city.

Prestige Group prelaunch apartment is Prestige Golden Grove.