Archive · 10 Jan 2026
Prestige JV Acquires 16.38-Acre Chennai Land
A company called Prestige Group, which builds homes and buildings, has teamed up with another company called Arihant to buy a big piece of land in Chennai.
The land is 16.38 acres big, and they paid ₹561 crore for it.
They plan to build a new real estate project there.
The seller is a company called Sundaram-Clayton Ltd.
Prestige Group is one of the biggest real estate developers in India and has built many projects before.
They are always looking for good land to build more homes and buildings in the future.
Prestige Estates Projects Ltd's joint venture, Canopy Living LLP, acquired a 16.38-acre land parcel in Padi, Chennai for ₹561 crore.
The seller of the land is Sundaram-Clayton Ltd, which received an advance payment of ₹25 crore and will receive the balance of ₹535.67 crore upon execution of the sale deed.
The acquisition aligns with Prestige Group's strategy to strengthen its presence in high-quality urban locations.
Prestige Group is a leading real estate developer in India, with 310 projects delivered and 130 projects in its pipeline as of September 2025.
The group continues to evaluate well-located land acquisition opportunities across key markets for future residential and mixed-use development projects.
- Who
- Prestige Estates Projects Ltd and Arihant Foundations & Housing Ltd (via Canopy Living LLP)
- What
- Acquisition of 16.38-acre land parcel in Chennai
- When
- Agreement signed on January 8, 2026
- Where
- Padi, Chennai, Tamil Nadu
- Why
- To strengthen presence in high-quality urban locations and support future residential and mixed-use development projects
- Land Size
- 16.38 acres
- Purchase Price
- ₹561 crore
- Location
- Padi, Chennai
- Seller
- Sundaram-Clayton Ltd
- Buyer
- Canopy Living LLP (JV of Prestige Estates & Arihant)
- Advance Payment
- ₹25 crore
- Balance Payment
- ₹535.67 crore
- Prestige Group's Projects Delivered
- 310 projects (202 million sq ft)
- Prestige Group's Pipeline
- 130 projects (199 million sq ft)