Prestige Group Joint Venture Acquires 16.38-Acre Land Parcel in Chennai for ₹561 Crore
In a significant move to enhance its urban footprint, Prestige Estates Projects Ltd’s joint venture firm has committed to purchasing a 16.38-acre plot in Padi, Chennai, for ₹561 crore. This acquisition underlines the company’s strategy to expand its portfolio in prime urban locations.
Details of the Land Acquisition
– Seller: The land parcel is being sold by Sundaram-Clayton Ltd.
– Buyer: Canopy Living LLP, a joint venture between Prestige Estates Projects Ltd and Arihant Foundations & Housing Ltd.
– Location: The land is situated at Korattur village, Ambattur Taluk, Chennai district, Tamil Nadu.
– Regulatory Filing Date: The purchase agreement was signed on January 8.
Financial Breakdown
– Advance Payment: ₹25 crore has already been received.
– Remaining Balance: ₹535.67 crore will be paid upon execution of the sale deed.
Prestige Group’s Growth Strategy
Bengaluru-based Prestige Group continues to seek well-located land acquisition opportunities. This strategic move is aimed at supporting its future projects in the residential and mixed-use development sectors.
Achievements and Future Plans
– Project Delivery: As of September 2025, the group has successfully delivered 310 projects covering an impressive 202 million square feet.
– Current Pipeline: The company currently has 130 projects in the pipeline, totaling 199 million square feet.
The Prestige Group remains a leading player in the Indian real estate market, focusing on high-quality developments that meet urban demand. This latest acquisition marks another step forward in its ongoing commitment to growth and excellence in the real estate sector.