Prestige Estates Projects Ltd, along with Arihant Group, has acquired a 16.3-acre land parcel in Chennai for a new housing project. The acquisition, completed through joint venture Canopy Living LLP, is expected to bring in revenue of approximately Rs 5,000 crore.
The companies announced the transaction in a regulatory filing, highlighting plans to develop the land into a 3.6 million square feet premium residential area. This move reflects the firms’ belief in Chennai’s real estate potential, driven by stable demand and improved infrastructure.
Irfan Razack, Chairman and Managing Director of Prestige Group, emphasized the long-term growth potential of the Chennai market. Prestige Group is a leading real estate entity with a proven track record, having completed 313 projects and currently managing 128 ongoing projects.