PRESTIGE CANOPY LIVING PADI (ARIHANT JV) — New Project Coming Up in Padi, Chennai

A Major Land Acquisition in North Chennai

Prestige Group and Arihant Group have jointly acquired a 16.331 acre land parcel in Padi, Chennai through Canopy Living LLP, a joint venture between Prestige Estates Projects Limited and Arihant Foundations and Housing Limited. The deal with the seller, Sundaram-Clayton Ltd, was formalised on January 8, 2026.

The acquisition marks one of the city's significant land deals in recent years. The site is proposed for a premium residential development with a saleable area of three point six million (mn) square feet and an estimated revenue potential of approximately Rs50 billion (bn).

Location and Connectivity

Strategically located close to Anna Nagar, the parcel benefits from established social infrastructure and strong connectivity that underpin residential demand in the micro market. The locality is surrounded by key neighbourhoods such as Anna Nagar, Mogappair, Villivakkam, Korattur, and Koyambedu.

It enjoys excellent connectivity with nearby bus services, metro stations, and railway access. The area also offers convenient access to major shopping malls, well-known schools and colleges, as well as reputed multi-specialty hospitals. Elango Nagar MTC Terminus, Ambattur Industrial Estate Bus Terminus, Anna nagar west railway station, etc, are crucial for Padi connectivity.

About the Partners

Prestige Group is a diversified developer with almost four decades of experience and a portfolio that, as at December 2025, comprised 313 delivered projects spanning 206 mn square feet and a pipeline of 128 projects across 195 mn square feet. CRISIL has consistently rated Prestige DA1+ — the highest developer grade in India and a rating no other Indian real-estate company currently holds. CRISIL reaffirmed the DA1+ rating in March 2026.

Arihant Foundations and Housing Limited is a Chennai based developer with more than four decades of experience and a delivery track record exceeding 25 mn square feet.

Development Plan

The development plan is expected to focus on high-end units and associated amenities designed for discerning buyers. Detailed phasing, unit mix and launch timelines were not disclosed by the joint venture in the release. Financial structuring and marketing strategies are to be finalised as the project moves towards approvals.

Developer Strategy in Chennai

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. Both partners expect to leverage local market knowledge and delivery capability to convert the site potential into a premium residential offering.