Mumbai, June 28 -- 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 jour...