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Prestige Estates Expands Chennai Footprint with Major Land Acquisition
10 Jan
Summary
- Prestige Estates' joint venture acquired 16.38 acres in Chennai for Rs 561 crore.
- The land purchase aims to strengthen the group's presence in urban locations.
- The deal involves a Rs 25 crore advance, with the balance due upon sale deed execution.
Prestige Estates Projects Ltd, through its joint venture Canopy Living LLP, has finalized an agreement to purchase a significant 16.38-acre land parcel located in Padi, Chennai. The transaction, valued at Rs 561 crore, was confirmed via a regulatory filing on January 8.
This acquisition is a strategic step for the Prestige Group, reinforcing its commitment to developing real estate in prime urban areas. The agreement includes an initial advance of Rs 25 crore, with the substantial balance of Rs 535.67 crore scheduled for payment upon the completion of the sale deed.
The Bengaluru-based developer, Prestige Group, continues to actively seek well-located land opportunities across major markets. With a robust history of delivering over 202 million sq ft across 310 projects and a current pipeline of 199 million sq ft, this Chennai acquisition further solidifies its expansion strategy.
