PRESTIGE PADI — New Project Coming Up in Padi, Chennai
Prestige Padi: Premium Residential Venture in Padi, 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 and Arihant Foundations and Housing. Announced in March 2026, the acquisition marks one of the significant residential land deals in Chennai over the past decade.
Project Scope and Scale
The site is proposed to be developed into a premium residential project with a total saleable area of three point six million square feet and an estimated revenue potential of Rs 50 billion. The development plan is expected to focus on high-end units and associated amenities designed for discerning buyers.
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 Padi location sits within a well-connected urban zone, with Thirumangalam the closest metro station, situated 3 km away on the Green Line.
Padi is exactly 13 km from the city's Kilometre Zero and is one of the newer parts of the city. The Madras Thiruvallur High Road (unofficially known as the CTH Road) passes through Padi. Trains connect Padi with several railway stations nearby, such as Korattur Railway Station and Ambattur Railway Station. The area is well-served by buses with multiple bus stops.
The Development Partnership
The acquisition has been undertaken through Canopy Living LLP, a joint venture between Prestige Estates Projects Limited and Arihant Foundations and Housing Limited. This partnership structure brings together two established regional developers: Prestige's national track record and Arihant's four decades of local Chennai operations.
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.
The Developers
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. The group holds the prestigious CRISIL DA1+ rating, the highest rating any real estate developer can achieve in India.
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. Arihant Developers was founded in the year 1995 by a team of experienced promoters and industry professionals. Arihant Builders has contributed hugely towards the transformation of Chennai's skyline.
Market Context
The announcement aligns with broader activity in the Chennai residential market. Prestige recorded FY26 sales of ₹30,024.5 crore. It sold 11,692 units covering 22.28 million sq. ft. The Padi acquisition reflects sustained institutional interest in premium Chennai developments near established residential hubs.