Joint Venture, Giant Vision: Prestige & Arihant’s ₹5,000Cr Chennai Bet

Prestige Group and Arihant Group have jointly acquired a prime 16.331-acre land parcel in Padi, Chennai, marking a significant development in the city’s real estate market.

The acquisition has been executed through Canopy Living, a joint venture between Prestige Estates Projects and Arihant Foundations and Housing. The partners plan to develop a premium residential project on the site, with a total saleable area of approximately 3.6 million sq. ft. The project is expected to generate an estimated revenue of around ₹5,000 crore, reflecting strong demand for high-quality housing in the region.

Located in Padi, near the well-established neighbourhood of Anna Nagar, the project benefits from strong social infrastructure and excellent connectivity, making it an attractive destination for homebuyers seeking convenience and modern urban amenities.

The transaction is among the largest land deals in Chennai over the past decade. Commenting on the development, Irfan Razack, Chairman and Managing Director of Prestige Group, said the company remains focused on expanding its presence in the city through well-located, high-quality developments, with a strong emphasis on execution and timely delivery.

News by Rahul Yelligetti.