Real estate major Prestige Estates Projects Ltd., through its joint venture entity, has agreed to acquire a 16.38-acre land parcel in Padi, Chennai, for a total consideration of Rs 561 crore, with plans to develop a large-scale real estate project on the site.
Notably, Sundaram-Clayton Ltd is selling the land parcel as part of this transaction. According to a regulatory filing dated January 8, Canopy Living LLP, a joint venture between Prestige Estates Projects Ltd and Arihant Foundations & Housing Ltd, has executed an agreement to purchase the land measuring 16.381 acres located in Padi, Chennai.
Furthermore, this acquisition aligns closely with Prestige Group’s strategic objective of strengthening its footprint in high-quality urban micro-markets across India.
Separately, Sundaram-Clayton Ltd informed the stock exchanges that it executed an agreement to sell on January 8 with Canopy Living LLP for the sale of its land parcel measuring 16.381 acres situated at Korattur village, Ambattur Taluk, Chennai district, Tamil Nadu.
Providing details of the transaction, Sundaram-Clayton stated, “An advance of Rs 25 crores was received, and the balance consideration of Rs 535.67 crores is to be received on execution of the sale deed,” thereby outlining the payment structure agreed upon between the parties.
Meanwhile, Bengaluru-based Prestige Group reiterated that it continues to actively evaluate strategically located land acquisition opportunities across key markets to support its future residential and mixed-use development pipeline.
Importantly, Prestige Group remains one of India’s leading real estate developers. As of September 2025, the Group has delivered 310 projects spanning 202 million square feet, while it currently maintains a robust pipeline of 130 projects covering 199 million square feet across multiple cities.
