Press Release titled "Prestige Group and Arihant Group jointly acquire prime land parcel in Padi, Chennai, adding GDV of INR 5,000 crores".
ARIHANT · price
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Arihant Foundations & Housing, along with Prestige Group, has jointly acquired a 16.331-acre land parcel in Padi, Chennai, through their joint venture Canopy Living LLP. The land is proposed to be developed into a premium residential project with about 3.6 million square feet of saleable area. The estimated Gross Development Value (GDV) from this project is approximately ₹5,000 crore. The site is strategically located near Anna Nagar, one of Chennai's most sought-after residential areas, and the deal is described as one of the largest land transactions in Chennai in the past decade. Prestige Group brings nearly four decades of real estate experience and a pan-India portfolio, while Arihant contributes its four-decade local expertise in the Chennai market.
This is a significant expansion opportunity for Arihant, partnering with a marquee national developer on a large-scale premium project that could materially boost future revenue and earnings visibility. The ₹5,000 crore GDV represents substantial growth potential, though actual revenue recognition will depend on project execution and sales velocity over multiple years.