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 Limited and Arihant Foundations and Housing Limited. 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).

Strategically located close to Anna Nagar, the parcel benefits from established social infrastructure and strong connectivity that underpin residential demand in the micro market. The scale and location are expected to influence the character of premium housing supply in the area.

Prestige Group indicated that Chennai remains a key market owing to stable demand, improving infrastructure and evolving residential preferences, and that the company will pursue well located, high quality developments with an emphasis on execution and timely delivery. Arihant Group added that consistent end user demand and a robust ecosystem support the city's residential growth and that the partners expect the project to address premium housing needs near Anna Nagar.

Prestige Group is a diversified developer with almost four decades of experience and a portfolio that, as at December 2025, comprised 313 delivered projects spanning 206 mn square feet and a pipeline of 128 projects across 195 mn square feet. Arihant Foundations and Housing Limited is a Chennai based developer with more than four decades of experience and a delivery track record exceeding 25 mn square feet.

The development through Canopy Living LLP underscores continued institutional interest in Chennai and is likely to generate employment and ancillary economic activity during construction and sale phases. Both partners expect to leverage local market knowledge and delivery capability to convert the site potential into a premium residential offering.