Prestige Estates Projects Limited has informed the Exchange regarding a press release dated March 26, 2026, titled "Prestige Group and Arihant Group Jointly Acquire Prime Land Parcel in Padi, Chennai, adding GDV of INR 5,000 crores".
PRESTIGE · price
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Prestige Estates, together with Chennai-based Arihant Group, has jointly acquired a 16.331-acre land parcel in Padi, Chennai, through their JV entity Canopy Living LLP. The land will be developed into a premium residential project with about 3.6 million sq ft of saleable area and an estimated revenue potential of around ₹5,000 crore. The site is strategically located near Anna Nagar, one of Chennai's most sought-after residential micro-markets. The deal is being described as one of the largest land transactions in Chennai in the past decade, reinforcing Prestige's expansion plans in the city. Prestige's chairman highlighted Chennai as a key growth market driven by stable demand and improving infrastructure.
Positive for shareholders — the acquisition adds a significant ₹5,000 crore revenue pipeline to Prestige's portfolio, strengthens its presence in a high-demand Chennai micro-market, and leverages a local partner's expertise, likely supporting future bookings and earnings visibility.