New Delhi, March 26 Realty firm Prestige Estates Projects Ltd and Arihant Group have acquired 16.3 acres of land in Chennai to develop a housing project with an estimated revenue of around Rs 5,000 crore.
In a regulatory filing on Thursday, Prestige informed that the company, along with Arihant Group, jointly acquired a prime 16.331-acre land parcel in Padi, Chennai.
The acquisition has been undertaken through Canopy Living LLP, a joint venture between Prestige Estates Projects Ltd and Arihant Foundations and Housing Ltd.
The company did not disclose the land cost or the name of the seller.
"The land parcel is proposed to be developed into a premium residential project with a total saleable area of about 3.6 million square feet and an estimated revenue potential of approximately Rs 5,000 crore," Prestige Estates said.
Irfan Razack, Chairman and Managing Director of Prestige Group, said: "Chennai continues to be a key market for us, and we see strong long-term potential driven by its stable demand, improving infrastructure, and evolving residential preferences."
Prestige Group is one of the leading real estate developers in the country. As of December 2025, the Group has delivered 313 projects spanning 206 million sq ft and currently has a pipeline of 128 projects across 195 million sq ft.