Prestige Group JV purchases 16 acres of land in Chennai
Bengaluru-based Prestige Group announced that its company, Canopy Living LLP, a joint venture between Prestige Estates Projects Limited and Arihant Foundations and Housing Limited, has signed an Agreement to Sell for the purchase of a land parcel measuring 16.381 acres located in Padi, Chennai.
According to the company, the land parcel is strategically located in close proximity to Anna Nagar, one of Chennai’s most established and prime residential micro-markets, known for its strong social infrastructure, connectivity, and mature residential character.
This acquisition is aligned with Prestige Group’s strategy of strengthening its presence in high-quality urban locations, while maintaining a disciplined approach to capital allocation.
Prestige Group continues to evaluate well-located land acquisition opportunities across key markets to support its future residential and mixed-use development pipeline, the company said.
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Bengaluru-based Prestige Estates in November 2025, was in the news for emerging as the leading listed player, reporting pre-sales of ₹18,143.7 crore in the first half of the ongoing financial year (FY26) between April and September. India’s 28 major listed real estate companies sold properties worth nearly ₹92,500 crore during the same period.
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Tariq Ahmed, CEO (West) of Prestige Estates, had told HT Real Estate in November 2025 that he conducts temperature checks on their customers, which showcases a positive momentum. “Homebuyers, from those willing to take a ₹1 crore apartment to those willing to take a ₹100 crore apartment, are willing to take long-term home loans over five years, which suggests a high level of confidence,” Ahmed had said.
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According to Ahmed, he is an eternal optimist on the market. “I take a temperature check from our customers. There’s positive momentum. People are committing. So, let me put it in a different way from a non-metrics qualitative standpoint. When we meet our high-end luxury customers, there are people willing to commit over five years, paying up to ₹100 crores for an apartment comfortably,” said Ahmed.
