Prestige Group and Arihant Group Jointly Acquire Prime Land Parcel in Padi, Chennai, adding GDV of ₹5,000 crores

Prestige Group, one of India's leading real estate developers, and Arihant Group, a reputed Chennai-based real estate company, have jointly acquired a prime 16.331 acre land parcel in Padi, Chennai. The acquisition has been undertaken through Canopy Living LLP, a joint venture between Prestige Estates Projects Limited and Arihant Foundations and Housing Ltd.

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 ₹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.

This transaction is among the largest land deals in Chennai over the past decade and is expected to redefine the residential landscape of the micro-market.

Commenting on the transaction, Mr. Irfan Razack, Chairman and Managing Director, Prestige Group, said: "Chennai continues to be a key market for us, and we see strong long-term potential driven by its stable demand, improving infrastructure, and evolving residential preferences. We remain focused on expanding our presence in the city through well-located, high-quality developments that cater to the aspirations of homebuyers, while maintaining our emphasis on execution and timely delivery."

Mr. Kamal Lunawath, Managing Director, Arihant Group, said: "Chennai's residential market has demonstrated consistent growth, supported by end-user demand and a well-established ecosystem. This project, given its scale and strategic location near Anna Nagar, is well-positioned to tap into this demand. We see strong potential for a premium development that aligns with the expectations of today's homebuyers in the city."

Shares of Arihant Foundations & Housing Limited was last trading in BSE at Rs. 957.10 as compared to the previous close of Rs. 947.00. The total number of shares traded during the day was 493 in over 42 trades.

The stock hit an intraday high of Rs. 989.80 and intraday low of 930.00. The net turnover during the day was Rs. 469377.00.

Shares of Prestige Estates Projects Limited was last trading in BSE at Rs. 1227.75 as compared to the previous close of Rs. 1203.75. The total number of shares traded during the day was 281963 in over 2839 trades.

The stock hit an intraday high of Rs. 1250.00 and intraday low of 1216.80. The net turnover during the day was Rs. 349433731.00.

Source : Equity Bulls

Keywords

ArihantFoundationsandHousing INE413D01011 PrestigeEstatesProjects INE811K01011 Realty LandAcquisition Padi Chennai