Prestige Group JV firm buys 16.38-acre land parcel in Chennai for Rs 561 cr
Prestige Estates Projects Ltd's joint venture is acquiring a 16.38-acre land parcel in Padi, Chennai. The deal is valued at Rs 561 crore. This move strengthens Prestige Group's presence in key urban areas. The land will be used for a new real estate project. Sundaram-Clayton Ltd is the seller of this significant landholding.
New Delhi: Realty firm Prestige Estates Projects Ltd's joint venture firm has agreed to purchase a 16.38-acre land at Padi in Chennai for Rs 561 crore to build a real estate project.
Sundaram-Clayton Ltd is the seller of this land parcel.
Canopy Living LLP, a joint venture between Prestige Estates Projects Ltd and Arihant Foundations & Housing Ltd, has signed an agreement for the purchase of a land parcel measuring 16.381 acres located at Padi, Chennai, according to a regulatory filing on January 8.
This acquisition is aligned with Prestige Group's strategy of strengthening its presence in high-quality urban locations.
Separately, Sundaram-Clayton Ltd informed the exchanges that it has executed an Agreement to Sell on January 8 with Canopy Living LLP for the sale of its land admeasuring 16.381 acres situated at Korattur village, Ambattur Taluk, Chennai district, Tamil Nadu.
"Advance of Rs 25 crores received, and the balance consideration of Rs 535.67 crores to be received on execution of the sale deed," Sundaram-Clayton added.
Bengaluru-based Prestige Group stated that it continues to evaluate well-located land acquisition opportunities across key markets to support its future residential and mixed-use development projects.
Prestige Group is one of the leading real estate developers in the country.
As of September 2025, the Group has delivered 310 projects, spanning 202 million sq ft, and currently has a pipeline of 130 projects across 199 million sq ft.