Prestige Estates has signed an agreement to acquire a 16.38-acre land parcel in Padi, Chennai, through its joint venture, Canopy Living, with Arihant Foundations & Housing.

The land, located near Anna Nagar, is a prime urban location ideal for residential and mixed-use development. The acquisition aligns with Prestige’s strategy to strengthen its presence in key urban areas. The total estimated gross development value (GDV) for the project is Rs 2,100 crore. This move supports the company’s future plans in residential real estate, focusing on well-located, high-quality developments, as the company continues to assess land acquisition opportunities across major markets to further expand its residential portfolio.

This acquisition also complements the company's ongoing growth in Chennai, where it previously acquired a 25-acre land parcel in Medavakkam for further expansion. The company has highlighted that it will continue to evaluate land acquisition opportunities across key markets to support its residential and mixed-use development plans.