Prestige Group and Arihant Group Jointly Acquire Prime Land Parcel in Chennai, Adding GDV of ₹ 5,000 Crores
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 16.331 acre land parcel in Padi, Chennai. The acquisition was undertaken through Canopy Living LLP, a joint venture between Prestige Estates Projects Limited and Arihant Foundations and Housing Ltd.The land parcel is planned for a premium residential project with a total saleable area of approximately 3.6 million square feet and an estimated revenue potential of ₹ 5,000 crore.
Located in Padi, near Anna Nagar, the site benefits from established infrastructure and connectivity. The transaction is considered one of the largest land deals in Chennai over the past decade.
“Chennai continues to be a key market,” said Mr. Irfan Razack, Chairman and Managing Director, Prestige Group. “We see strong long-term potential driven by its stable demand, improving infrastructure, and evolving residential preferences. We remain focused on expanding our presence in the city through well-located, high-quality developments that cater to the aspirations of homebuyers, while maintaining our emphasis on execution and timely delivery.”
Mr. Kamal Lunawath, Managing Director, Arihant Group, stated that Chennai’s residential market has demonstrated consistent growth. “This project, given its scale and strategic location near Anna Nagar, is well-positioned to tap into this demand,” he added.
As of December 2025, Prestige Group has delivered 313 projects spanning 206 million square feet, with a current pipeline of 128 projects across 195 million square feet. Arihant Foundations and Housing Limited has a delivery track record of over 25 million square feet and a reputation for high-quality residential and commercial projects.
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