Prestige Estates Shares in Focus as JV Acquires Land in Chennai for ₹1,600 Cr Project

Prestige Estates Shares in Focus as JV Acquires 3.48 Acres in Chennai for ₹1,600 Crore Residential Project

Prestige Estates Projects Ltd is once again in the spotlight, as its joint venture entity Canopy Living LLP, formed in partnership with Arihant Group, is set to acquire a prime 3.48-acre land parcel in Velachery, Chennai. This acquisition will pave the way for a premium residential development with an estimated gross development value (GDV) of over ₹1,600 crore, marking a major milestone in Prestige Group’s national expansion strategy.

📈 Prestige Estate Share Price Movement

The news comes as a positive trigger for the stock, which is poised to break a two-day losing streak on June 30, 2025. As of now, the Prestige share price is trading 15.44% below its 52-week high of ₹1,971.00 (touched on September 17, 2024) and 58.99% above its 52-week low of ₹1,048.30 (hit on April 7, 2025).

The current market capitalization of Prestige Estates Projects Ltd stands at a substantial ₹71,789.81 crore, reaffirming its position as a key player in India’s real estate sector.

🏗️ Details of the Chennai Project

The upcoming project will be developed through Canopy Living LLP—a joint venture between Prestige Group and Arihant Group. The project will offer approximately 7.5 lakh square feet of premium residential space, located in Velachery, one of Chennai’s most desirable and well-connected neighborhoods.

The location enjoys excellent connectivity to IT corridors, robust social infrastructure, and established residential hubs, making it ideal for high-end urban living. This deal reflects Prestige Group’s strategy to tap into growing urban demand in Tier-1 cities like Chennai.

🗣️ Management Commentary

Speaking on the development, Irfan Razack, Chairman and Managing Director of Prestige Group, stated:

"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 reflects a shared vision to develop high-quality, thoughtfully designed communities that resonate with evolving urban lifestyles."

📊 Impact on NSE Prestige Share Price

With the announcement of this landmark project, market experts anticipate positive momentum in the Prestige Estates share price. The stock is listed on the National Stock Exchange under the symbol “PRESTIGE” and remains a top pick for long-term investors tracking India’s booming real estate sector.

As the company moves forward with such high-value developments, it is expected that institutional interest and retail participation in Prestige Group share price will grow steadily, especially considering its consistent project execution and robust financials.

🏙️ Why This Deal Matters

• Prime Land: Velachery is a major residential and commercial hotspot in Chennai.
• High GDV: The estimated ₹1,600 crore GDV highlights the scale of the project.
• JV Strength: The Arihant partnership brings in additional local expertise and execution muscle.
• Urban Expansion: Aligns with Prestige’s strategy of tapping premium urban housing markets.

📌 Conclusion

With this significant land acquisition in Chennai, Prestige Estates Projects Ltd has reaffirmed its intent to be a frontrunner in luxury and premium residential development across India. The upcoming 7.5 lakh sq. ft project in Velachery, backed by a ₹1,600 crore GDV, is expected to create long-term value for both homeowners and shareholders.

For investors searching “prestige estate share price” or tracking “nse: prestige”, this deal represents both a business growth opportunity and a potential catalyst for the stock’s upward momentum. Keep an eye on Prestige Estates share price as the project advances and more details emerge.

Disclaimer: This article is intended for informational purposes only. Please consult a financial advisor before making any investment decisions.