Prestige and Arihant to Develop ₹5,000-Crore Premium Residential Project in Padi, Chennai

Deal Overview

The deal with Sundaram-Clayton Ltd was formalized on January 8, 2026, marking a major land acquisition in Chennai's residential market. The transaction is one of the largest land deals in Chennai over the past decade and is anticipated to significantly transform the residential landscape of the micro-market. Prestige Group, as of September 2025, has delivered 310 projects spanning 202 million sq ft and currently has a pipeline of 130 projects across 199 million sq ft.

Location and Connectivity

Strategically located in Padi, in close proximity to Anna Nagar, one of Chennai's most sought-after residential micro-markets, the site benefits from a well-established ecosystem, including strong social infrastructure and connectivity. The location offers seamless connectivity to major transit options, including Korattur Railway Station and is linked to key city hubs such as Padi, Anna Nagar, Villivakkam, Ambattur and Avadi through well developed road networks.

The area is close to several IT Parks and renowned companies. Korattur is close to the Ambattur Industrial Estate, the largest industrial estate in Asia, and other commercial areas like Padi and Guindy. The Metrowater sewage pipeline project in the Ambattur zone, which includes Korattur and Padi, is nearing completion.

Project Details and Configuration

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. The project features thoughtfully designed 2 BHK and 3 BHK apartments Chennai, along with premium office spaces and retail shops.

Detailed phasing, unit mix and launch timelines were not disclosed by the joint venture. Specific configurations, pricing, and possession timelines remain pending official project launch and RERA registration, expected in coming months.

Partnership and Developer Profile

Prestige Group, through a joint venture with Arihant Group (Canopy Living LLP), has acquired a prime 16.331-acre land parcel in Padi, Chennai. Prestige Group is a diversified developer with a legacy spanning nearly four decades. As of December 2025, the Group has delivered 313 projects spanning 206 million sq. ft. and currently maintains a pipeline of 128 projects across 195 million sq. ft.

Arihant Foundations and Housing Limited is a Chennai-based developer with over four decades of experience. They have a delivery track record exceeding 25 million sq. ft., focusing on high-quality residential and commercial projects supported by transparency and timely execution.

Market Context and Demand

Prestige Group indicated that Chennai remains a key market owing to stable demand, improving infrastructure and evolving residential preferences, and that the company will pursue well located, high quality developments with an emphasis on execution and timely delivery. With infrastructure upgrades, metro connectivity expansion, and growing employment corridors, Chennai continues to offer relatively affordable luxury compared to Bengaluru, Mumbai or Gurugram.