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Strategic land buy strengthens Prestige Group’s footprint in prime urban Chennai.

Prestige Group’s JV to Acquire 16.38 Acres in Chennai for ₹561 Crore, Eyes Major Realty Project.

Prestige Estates Projects Ltd’s joint venture firm, Canopy Living LLP, has agreed to acquire a 16.38-acre land parcel in Padi, Chennai, for ₹561 crore to develop a large real estate project. Canopy Living is a joint venture between Prestige Group and Arihant Foundations & Housing Ltd. The land is being sold by Sundaram-Clayton Ltd, which confirmed that it has received an advance of ₹25 crore, while the remaining ₹535.67 crore will be paid at the time of executing the sale deed. According to regulatory filings dated January 8, the land is located in Korattur village, Ambattur Taluk, a well-connected and rapidly developing area of Chennai. Prestige Group stated that this acquisition aligns with its strategy to strengthen its presence in high-quality urban locations for future residential and mixed-use developments. Bengaluru-based Prestige Group is among India’s leading real estate developers, having delivered 310 projects covering 202 million sq ft, with an ongoing pipeline of 130 projects spanning 199 million sq ft across key markets.