Prestige Group 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 and Arihant Foundations and Housing.
The land parcel is proposed to be developed into a premium residential project with a total saleable area of about 3.6 million square feet and an estimated revenue potential of around Rs 5,000 crore. 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, including strong social infrastructure and connectivity. This transaction is among the largest land deals in Chennai over the past decade and is expected to redefine the residential landscape of the micro-market.
Prestige Estates Projects is the flagship company of the Prestige Group. Prestige Estates Projects is engaged in the business of real estate development. The company’s principal products/services include Development and construction of Properties, Leasing of commercial properties and Share of profit /loss from partnership firm.
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| DLF | 635.40 |
| Ahluwalia Contract(I | 838.65 |
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