Prestige Group and Arihant Group have joined forces to acquire a significant land parcel in Padi, Chennai. This joint venture will develop a large residential project. The development is expected to offer substantial saleable area and generate considerable revenue. This expansion signifies a commitment to high-quality housing in the city.
Prestige Group and Arihant Group have jointly acquired a 16.331-acre land parcel in Padi, Chennai.
The acquisition has been undertaken through Canopy Living LLP, a joint venture between Prestige Estates Projects and Arihant Foundations and Housing.
The land parcel is proposed to be developed into a residential project with a total saleable area of about 3.6 million sq. ft. and an estimated revenue potential of approximately ₹5,000 crore.
Irfan Razack, Chairman and Managing Director of the company, said, "We remain focused on expanding our presence in the city through well-located, high-quality developments."
