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Prestige Group and Arihant Group Jointly Acquire Prime Land Parcel in Padi, Chennai with GDV of ₹5,000 Crore

  • by- Grihik
  • Mar 27, 2026
The 16.331-acre land parcel in Padi, near Anna Nagar, will be developed into a premium residential project with a total saleable area of approximately 3.6 million square feet, representing one of the largest land deals in Chennai over the past decade.
Prestige Group and Arihant Group Jointly Acquire Prime Land Parcel in Padi, Chennai with GDV of ₹5,000 Crore

Chennai, March 27: Prestige Group, one of India's leading real estate developers, and Arihant Group, a reputed Chennai-based real estate company, have jointly acquired a prime 16.331-acre land parcel in Padi, Chennai. The acquisition has been undertaken through Canopy Living LLP, a joint venture between Prestige Estates Projects Limited and Arihant Foundations and Housing Ltd.

The transaction represents one of the largest land deals in Chennai over the past decade and is expected to redefine the residential landscape of the micro-market.

Project Details and Revenue Potential

The acquired land parcel is proposed to be developed into a premium residential project with:

  • Total saleable area: Approximately 3.6 million square feet

  • Estimated revenue potential: Approximately ₹5,000 crore

The scale of the development underscores the confidence both developers have in Chennai's residential market and the strategic importance of the location.

Strategic Location Near Anna Nagar

The land parcel is strategically located in Padi, in close proximity to Anna Nagar, one of Chennai's most sought-after residential micro-markets. The site benefits from:

  • A well-established ecosystem with strong social infrastructure

  • Excellent connectivity to key parts of the city

  • Proximity to commercial hubs, educational institutions, and healthcare facilities

Anna Nagar has long been recognized as a premium residential destination in Chennai, and the new development is expected to extend the appeal of this micro-market to the surrounding Padi area.

Leadership Commentary

Irfan Razack, Chairman and Managing Director of Prestige Group, commented on the acquisition, reaffirming Chennai's importance as a key market for the group.

"Chennai continues to be a key market for us, and 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," Razack said.

Kamal Lunawath, Managing Director of Arihant Group, highlighted the project's strategic positioning and potential.

"Chennai's residential market has demonstrated consistent growth, supported by end-user demand and a well-established ecosystem. This project, given its scale and strategic location near Anna Nagar, is well-positioned to tap into this demand. We see strong potential for a premium development that aligns with the expectations of today's homebuyers in the city," Lunawath stated.

About Prestige Group

Prestige Group is one of India's most respected and diversified real estate developers, with a legacy of almost four decades. The group's portfolio spans residential, commercial, retail, hospitality, and integrated townships across major cities.

As of December 2025, the group has delivered:

  • 313 projects spanning 206 million square feet

  • 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 has earned a reputation for delivering high-quality residential and commercial projects, underpinned by transparency, customer-centricity, and timely execution.

Impact on Chennai's Real Estate Market

The acquisition marks a significant milestone for Chennai's residential real estate market. Key implications include:

  • Premium supply: The development will add high-quality residential inventory in a prime location near Anna Nagar

  • Investor confidence: The scale of the transaction reflects strong confidence in Chennai's long-term growth prospects

  • Market consolidation: The joint venture between a national player and a established local developer combines national scale with local expertise

  • Infrastructure-led growth: The project is positioned to benefit from ongoing infrastructure improvements in the region

Outlook

With the land acquisition now complete, the joint venture partners will proceed with the planning and development of the premium residential project. The scale of the development—3.6 million square feet of saleable area with an estimated revenue potential of ₹5,000 crore—positions it as a landmark project for Chennai's residential market.

The collaboration between Prestige Group and Arihant Group brings together national expertise and deep local knowledge, setting the stage for a development that is expected to set new benchmarks for premium residential living in the Anna Nagar-Padi micro-market.