Prestige Group and Arihant Group have jointly acquired a 16.331 acre land parcel in Padi, Chennai through Canopy Living LLP, a joint venture between Prestige Estates Projects and Arihant Foundations and Housing. The acquisition secures a strategic site for residential development in a well-established urban neighbourhood and complements the partners' existing development pipelines. The partners completed the purchase to enable a large-scale premium housing project intended to address demand in the premium segment. The transaction represents a significant land bank addition for the joint venture.

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). The development plan is expected to focus on high-end units and associated amenities designed for discerning buyers. Detailed phasing, unit mix and launch timelines were not disclosed by the joint venture in the release. Financial structuring and marketing strategies are to be finalised as the project moves towards approvals.

Located in Padi and in close proximity to Anna Nagar, the site benefits from strong social infrastructure, established neighbourhood services and robust transport connectivity. The location is one of Chennai's sought-after micro-markets and offers access to schools, healthcare and retail that underpin residential demand. The joint venture will leverage the existing ecosystem to position the project within the premium segment and to attract long-term buyers. Local planning environment and approvals will shape the project sequencing and delivery timeline.

The acquisition adds to the developers' portfolios in South India and reflects continued investor interest in Chennai's residential market. The projected revenue underscores the scale of the planned development and the partners' confidence in the city's long-term housing demand. The move may influence supply dynamics in the premium neighbourhoods of the city as similar large parcels remain limited. Further commercialisation and launch plans are to be determined by the joint venture as preparatory work progresses.