The acquisition will be undertaken through their joint venture entity, Canopy Living LLP.

The land is earmarked for the development of premium residential dwellings with a total development potential of approximately 7.5 lakh square feet and an estimated gross development value (GDV) of over Rs 1,600 crore.

Located in one of Chennai’s most prominent and well-connected neighbourhoods, the site benefits from excellent access to IT corridors, social infrastructure, and thriving residential communities.

Irfan Razack, chairman and managing director of Prestige Group, said: 'Chennai continues to be an integral part of our national expansion strategy, and this upcoming acquisition in Velachery marks another step in our journey to deliver landmark residential developments.

Our partnership with Arihant in the region reflects a shared vision to develop high-quality, thoughtfully designed communities that resonate with evolving urban lifestyles.'

Prestige Group is one of India’s most respected and diversified real estate developers, with a legacy of over three decades and a portfolio spanning residential, commercial, retail, hospitality, and integrated townships across major cities. The Group has delivered 302 projects spanning 193 million square feet and currently has a pipeline of 130 projects across 203 million square feet.

The scrip fell 1.90% to end at Rs 1666.70 on the BSE on Friday.