Prestige Group is an Indian real estate development company headquartered in Bangalore, and since its founding it has developed residential and commercial spaces across cities including Chennai, Kochi, Hyderabad, and Mumbai. In 1986, Irfan Razack formally established Prestige Estates Projects Limited, expanding the family business from retail into real estate development. The group's portfolio, as at December 2025, comprised 313 delivered projects spanning 206 million square feet, with a pipeline of 128 projects across 195 million square feet. Prestige holds the distinction of being the only developer in India with a CRISIL DA1+ rating for construction and development capabilities.
Chairman and Managing Director Irfan Razack has said that Chennai has emerged as one of the most dynamic real estate markets in South India, and Prestige Group is a diversified developer with a portfolio spanning residential, commercial, retail, hospitality, and integrated townships across major cities. The January 2026 land acquisition in Padi is a direct expression of that conviction — the group's first formal commitment to the city's northern residential corridor.
Prestige Group and Arihant Group have jointly acquired a prime 16.331-acre land parcel in Padi, Chennai, 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 approximately 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. Prestige Group indicated that Chennai remains a key market owing to stable demand, improving infrastructure, and evolving residential preferences, and that the company will pursue well-located, high-quality developments with an emphasis on execution and timely delivery.
Arihant Foundations and Housing Limited, the joint venture partner, is a Chennai-based developer with more than four decades of experience and a delivery track record exceeding 25 million square feet. The partnership brings together Prestige's national scale with Arihant's deep local market knowledge — a structure that Prestige has used to good effect in other cities when entering established micro-markets.
Prestige Clover Dale is a new launch apartment township located on CTH Road (Madras Thiruvallur High Road), Chennai, spread over 16 acres and presenting luxury apartments for sale in 1, 2, 2.5, 3, and 4 BHK sizes. Unit sizes range between 550 sq ft and 2,400 sq ft, and prices for sale start at Rs 74.3 lakhs.
The township is planned across 18 to 20 high-rise towers, each comprising 2 basements, a ground floor, and 14 to 16 floors. Over 80% of the site is earmarked as open space. There are more than 30 amenities created for residents of every age across the township.
The official address of the site is CTH Road, Padi, Chennai, Tamil Nadu – 600050. Road access is provided via Madras Thiruvallur High Road (CTH Road), NH-716 (Tirupati Road), Ambattur Estate Road, and 100 Ft Road. Key landmarks in proximity include the Lucas TVS Industrial Complex at 1.1 km, Frontier Lifeline Hospital at 1.5 km, Saravana Stores Padi at 1.2 km, and SBOA Global School at 2.5 km.
Prestige Group's Chennai footprint has historically tracked infrastructure and employment density — Prestige Bella Vista on Mount Poonamallee Road near Porur, Prestige Silver Springs on the ECR-OMR corridor, and Prestige Windsor Park on OMR's Dr MGR Road each sit at junctions of major employment and transport routes. Padi follows the same logic.
Padi's connectivity rests on several transit nodes: NH-716 (Tirupati Road) passes through the locality, improving intercity access; the area is also linked by Ambattur Estate Road, 100 Ft Road, and Park Road; and Thirumangalam Metro Station on the Green Line is approximately 3 km away. AMBIT Park and SBC Tech Park, key IT hubs, are around 3 km from Padi, while the industrial estates of Ambattur, Padavattamman, and SIDCO are within 4 km.
Padi has a dedicated railway station on the West line of Chennai Suburban Railway and sits approximately 18 km from Chennai International Airport via the GST Road ring route. Surrounded by job hubs, Padi is a top rental area for working professionals, and retail options including VR Chennai Mall are within 5 km.
In North Chennai, key localities like Madhavaram and Perambur have seen land values rise between 30% and 60% over the past two years, with rental rates increasing by 15–20%. Padi, adjacent to these corridors and sharing their employment and transit drivers, has seen comparable apartment price movement. Flat prices in Padi currently range from Rs 7,950 to Rs 10,700 per sq ft, with average apartment rates standing around Rs 6,650 per sq ft. Flat and apartment prices in Padi changed by 28.6% in the last one year and 40% over the last five years.
Prestige Group's existing Chennai portfolio gives buyers a reference point for what to expect from the Padi project. Prestige Bella Vista on Mount Poonamallee Road in Iyyappanthangal spans 25 acres and holds 2,680 flats from 1 to 4.5 BHK, sized 600 to 2,900 sq ft; delivered between 2015 and 2017, it remains one of the group's largest self-contained township deliveries in the city.
Prestige Silver Springs at Vettuvankeni, spread over 18 acres with 125 villas, has resale prices ranging from Rs 6.5 crore to over Rs 10 crore — testament to the long-term capital performance of completed Prestige inventory in Chennai. More recently, the group acquired 25 acres in Medavakkam, a rapidly developing area in Chennai, offering approximately 5 million square feet of development potential with estimated revenue exceeding Rs 5,000 crore. The Padi acquisition is part of the same strategic expansion across Chennai's growth corridors.
In FY26, the group reported total sales of Rs 30,024.5 crore, up 76% year-on-year, with collections of Rs 18,515 crore, up 53% year-on-year. Prestige Estates Projects has set a target to sell properties worth Rs 27,000 crore in the current fiscal year. That financial velocity directly supports its ability to fund and deliver large-format projects like Prestige Clover Dale on schedule.
Prestige Group, through Canopy Living LLP — a joint venture between Prestige Estates Projects and Arihant Foundations and Housing — signed a pact to acquire the 16.381-acre land parcel in Padi. The acquisition aligns with Prestige Group's strategy to strengthen its presence in high-quality urban locations while maintaining a disciplined approach to capital allocation. For buyers, the structure matters: Arihant Foundations brings over four decades of Chennai-specific regulatory and market knowledge, while Prestige brings the construction management systems, financial scale, and brand assurance that come with a nationally listed developer rated CRISIL DA1+ and ICRA A+.