Prestige Estates has entered into an agreement to purchase a 16.38-acre land parcel in Padi, Chennai, through its joint venture, Canopy Living, in collaboration with Arihant Foundations & Housing.
The land, situated near Anna Nagar, represents a prime urban location that is well-suited for residential and mixed-use development. This acquisition is in line with Prestige’s strategy to enhance its presence in significant urban areas.
The total projected gross development value (GDV) for the project is estimated at Rs 2,100 crore. This initiative bolsters the company’s future objectives in residential real estate, concentrating on strategically located, high-quality developments, as the company continues to explore land acquisition opportunities across major markets to further grow its residential portfolio.
Additionally, this acquisition aligns with the company’s ongoing expansion in Chennai, where it had previously secured a 25-acre land parcel in Medavakkam for further growth. The company has emphasized its commitment to continuously assess land acquisition opportunities in key markets to support its residential and mixed-use development initiatives.
