Prestige and Arihant Secure 16-Acre Chennai Land for Luxury Housing Project
Prestige Group and Arihant Group have joined forces to acquire a 16.331-acre site in Chennai's Padi area. The land, purchased through their joint venture Canopy Living LLP, marks one of the city's largest deals in the past decade. Both developers plan to transform the site into a high-end residential project with significant revenue potential. The newly acquired plot sits near Anna Nagar, a well-connected neighbourhood with strong social infrastructure. The location has seen a surge in residential activity, with over 61 new or upcoming projects—including Tulive Viha, Shelters Opulence, and TVS Emerald Luxor—among 181 total developments in the area.
The joint venture will develop the land into a premium residential complex spanning roughly 3.6 million square feet. With an estimated revenue potential of Rs 5,000 crores, the project aims to redefine the Padi micro-market as a major residential destination. Both companies believe Chennai's demand for high-end housing remains robust, making this a strategic addition to their portfolios. The project is set to play a key role in shaping Chennai's residential landscape. Once completed, it will strengthen the developers' market presence while offering premium housing in a sought-after location. The venture also reflects ongoing confidence in the city's luxury real estate sector.
