Prestige-Arihant JV Acquires 16.4 Acres in Chennai Padi for ₹560+ Crore
A Significant Land Acquisition in North Chennai
Prestige Group and Arihant Group jointly acquired a 16.331 acre land parcel in Padi, Chennai through Canopy Living LLP, a joint venture between Prestige Estates Projects and Arihant Foundations and Housing. This transaction is among the largest land deals in Chennai over the past decade, signalling sustained institutional confidence in the city's residential sector.
Project Scale and Revenue Potential
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. The scale of the acquisition underscores both partners' commitment to large-format, quality-driven residential development.
Strategic Location and Connectivity
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. Thirumangalam is the closest metro station from Padi, situated 3 km away on the Green Line, and Korattur Railway Station is the closest railway station from Padi, located 3 km away. Padi is located where the Chennai-Tiruvallur High Road (CTH Road) meets the Inner Ring Road, and functions as a vital connectivity point for vehicles traveling between northern suburbs such as Ambattur, Villivakkam, Red Hills, and Kolathur.
Padi is positioned at the confluence of routes connecting Ambattur, Villivakkam, Kolathur, and Anna Nagar, and has a strong industrial heritage, being adjacent to the Ambattur Industrial Estate, one of Asia's largest industrial estates.
The Joint Venture: National Expertise Meets Local Insight
Prestige Group is a diversified developer with a legacy spanning nearly four decades. As of December 2025, the Group has delivered 313 projects spanning 206 million sq. ft. and currently maintains a pipeline of 128 projects across 195 million sq. ft. Arihant Foundations and Housing Limited is a Chennai-based developer with over four decades of experience. They have a delivery track record exceeding 25 million sq. ft., focusing on high-quality residential and commercial projects supported by transparency and timely execution.
Kamal Lunawath, Managing Director of Arihant Group, noted that the Chennai residential market has shown consistent growth and believes the project's scale and strategic location near Anna Nagar position it well to capture current end-user demand for premium developments.
Padi's Emerging Residential Appeal
In recent years, Padi has seen rapid residential development with new apartment complexes, while retaining its character as a working-class neighbourhood with affordable housing, local markets, and good bus connectivity. The area supports a growing mix of social infrastructure: SBOA Global School and Mar Gregorios College are among the well-known educational institutions in Padi. The locality is a convenient place to live with good roads, shops, and schools nearby, and is close to industrial and IT areas, so commuting is easy.
Market Context
The acquisition reflects broader momentum in Chennai's premium residential sector. The partnership combines Prestige's nationwide delivery capability with Arihant's deep roots in the Tamil Nadu market, a model both developers have applied to earlier ventures. The Padi site, spanning 16+ acres with direct access to established transport corridors and neighbouring commercial activity in Ambattur, positions the joint venture to address demand from buyers seeking scale, quality, and proximity to employment zones.