Prestige Group and Arihant Group Jointly Acquire Land Parcel in Chennai, Adding ₹5,000 Crores GDV
Chennai, March 26, 2026 – Prestige Group, a leading real estate developer in India, and Arihant Group, a Chennai-based real estate company, have jointly acquired a prime 16.331-acre land parcel in Padi, Chennai. The acquisition was conducted through Canopy Living LLP, a joint venture between Prestige Estates Projects Limited and Arihant Foundations and Housing Ltd.The land parcel will be developed into a premium residential project with a total saleable area of approximately 3.6 million square feet. The project is estimated to generate a revenue potential of ₹5,000 crores.
Located in Padi, near Anna Nagar, the site benefits from established infrastructure and connectivity. This acquisition is one of the largest land deals in Chennai over the past decade.
“Chennai continues to be a key market for us, and we see strong long-term potential," said Irfan Razack, Chairman and Managing Director, Prestige Group. "We remain focused on expanding our presence in the city through well-located, high-quality developments.”
Kamal Lunawath, Managing Director, Arihant Group, stated, "Chennai’s residential market has demonstrated consistent growth. This project is well-positioned to tap into this demand and aligns with the expectations of today’s homebuyers."
About Prestige Group:
Prestige Group has a legacy of almost four decades and a portfolio spanning residential, commercial, retail, hospitality, and integrated townships. As of December 2025, the Group has delivered 313 projects spanning 206 million square feet and has a pipeline of 128 projects across 195 million square feet.
About Arihant Group:
Arihant Foundations and Housing Limited is a Chennai-based real estate developer with over four decades of experience and a delivery track record of more than 25 million square feet. The company is known for delivering high-quality residential and commercial projects with a focus on transparency, customer-centricity, and timely execution.
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