Prestige Group enters JV to acquire Chennai land parcel

Prestige Estates Projects has announced a joint venture with Arihant Group to acquire a 3.48-acre land parcel in Velachery, Chennai, from Rane Madras Limited. The acquisition, conducted through their joint venture entity, Canopy Living LLP, will facilitate the development of premium residential dwellings. The project is estimated to have a total development potential of approximately 7.5 lakh square feet and a Gross Development Value (GDV) of over INR1,600 crore. Prestige Group emphasizes that the acquisition aligns with its national expansion strategy, strengthening its presence in Chennai. The development aims to deliver high-quality, thoughtfully designed communities catering to evolving urban lifestyles.