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

Featured Image of Tower Plan of Prestige Golden Grove

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.

Details of the Deal

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.

Expansion Strategy of the Prestige Group

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.

Why the Land Deal Matters

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.

FAQS

1. Who is buying the land in Padi, Chennai?

Prestige Group’s joint venture with Arihant Foundations, Canopy Living LLP, has agreed to buy the land. The seller is Sundaram-Clayton Ltd.

2. What is the size of the land being bought in Chennai?

The land parcel covers a total area of 16.38 acres.

3. What is the cost of the land being bought by the Prestige Group joint venture?

The total value of the land deal is Rs. 561 crores. An advance of Rs. 25 crores has been paid, while the remaining Rs. 535.67 crores will be paid at the time of sale deed execution.