Prestige Group JV Secures 16-Acre Land in Chennai’s Prime Location
Bengaluru-based Prestige Group has announced a significant land acquisition in Chennai. Canopy Living LLP, a joint venture between Prestige Estates Projects Limited and Arihant Foundations and Housing Limited, has signed an Agreement to Sell for the purchase of a land parcel measuring 16.381 acres located in Padi, Chennai.
According to the company, the land parcel is strategically located in close proximity to Anna Nagar, one of Chennai’s most established and prime residential micro-markets. This area is known for its strong social infrastructure, connectivity, and mature residential character.
This acquisition is aligned with Prestige Group’s strategy of strengthening its presence in high-quality urban locations, while maintaining a disciplined approach to capital allocation. The company continues to evaluate well-located land acquisition opportunities across key markets to support its future residential and mixed-use development pipeline.
In November 2025, Prestige Estates was in the news for emerging as the leading listed player, reporting pre-sales of ₹18,143.7 crore in the first half of the ongoing financial year (FY26) between April and September. India's 28 major listed real estate companies sold properties worth nearly ₹92,500 crore during the same period.
Tariq Ahmed, CEO (West) of Prestige Estates, had shared insights on the market sentiment during an interview with HT Real Estate in November 2025. He conducts regular temperature checks on their customers, which showcase a positive momentum. “Homebuyers, from those willing to take a ₹1 crore apartment to those willing to take a ₹100 crore apartment, are willing to take long-term home loans over five years, which suggests a high level of confidence,” Ahmed had said.
Ahmed is an eternal optimist about the market. “There's positive momentum. People are committing. When we meet our high-end luxury customers, there are people willing to commit over five years, paying up to ₹100 crores for an apartment comfortably,” he added.
This recent land acquisition in Chennai underscores Prestige Group’s commitment to expanding its footprint in key urban centers, leveraging strategic locations to meet the growing demand for quality residential and mixed-use developments.
