Prestige Estates: The ₹2,100 Crore Play in Padi

Prestige Estates has entered into an agreement to acquire a 16.38-acre land parcel in Padi, Chennai, through its joint venture, Canopy Living, in partnership with Arihant Foundations & Housing. Situated near Anna Nagar, the site is a prime urban location well suited for residential and mixed-use development.

The acquisition aligns with Prestige Group’s strategy to strengthen its footprint in key urban markets. The project is expected to have an estimated gross development value (GDV) of approximately ₹2,100 crore and will support the company’s long-term residential real estate growth, with a focus on high-quality, well-located developments.

This transaction further reinforces Prestige’s expansion plans in Chennai, following its earlier acquisition of a 25-acre land parcel in Medavakkam. The company has reiterated its commitment to continuously evaluating land acquisition opportunities across major markets to expand its residential and mixed-use development portfolio.

News by Rahul Yelligetti.