NEW DELHI: Prestige Estates Projects Ltd, through its joint venture, has finalized the acquisition of a 16.38-acre plot in Padi, Chennai, for Rs 561 crore to develop a real estate project.
The land is being sold by Sundaram-Clayton Ltd.
Canopy Living LLP, a collaboration between Prestige Estates Projects Ltd and Arihant Foundations & Housing Ltd, has entered into an agreement for this land parcel, according to a regulatory filing dated January 8.
This purchase aligns with Prestige Group’s strategy to enhance its presence in premium urban areas.
Sundaram-Clayton Ltd also communicated to the exchanges that on January 8, it signed an Agreement to Sell with Canopy Living LLP for the 16.381-acre plot located in Korattur village, Ambattur Taluk, Chennai district, Tamil Nadu.
“An advance of Rs 25 crores has been received, with the remaining amount of Rs 535.67 crores due upon execution of the sale deed,” noted Sundaram-Clayton.
Bengaluru-based Prestige Group continues to seek well-located land acquisition opportunities in key markets to bolster its upcoming residential and mixed-use developments.
Prestige Group is recognized as one of the top real estate developers in India.
As of September 2025, the Group has successfully delivered 310 projects, covering 202 million sq ft, with a current pipeline of 130 projects encompassing an additional 199 million sq ft.
