Prestige Estates Share Price Gains as JV Secures 3.48 Acres in Chennai

Market Performance

Prestige Estates Projects stock opened stronger on June 30, breaking a two-day losing streak.

• Share Price at 09:23 AM: ₹1,675.30
• Change: Up ₹8.60 or 0.52% on the BSE

The Prestige Estates share price reflected renewed investor interest following a significant joint venture announcement.

Main News: Chennai Land Acquisition via JV

Prestige Group has entered into a strategic partnership with Arihant Group to jointly acquire a prime 3.48-acre land parcel in Velachery, Chennai.

• Acquisition Route: Through Canopy Living LLP, their joint venture entity
• Seller: Rane Madras
• Purpose: Development of premium residential units

This move marks a significant footprint in one of Chennai's key real estate corridors.

Project Highlights

The upcoming project is poised to redefine luxury living in Chennai:

• Development Potential: ~7.5 lakh sq. ft.
• Estimated Gross Development Value (GDV): Over ₹1,600 Crore
• Location Advantage: Proximity to IT corridors, social infrastructure, and residential hubs

The land parcel's central placement in Velachery enhances its attractiveness for high-end urban housing.

Company Details

• Company: Prestige Estates Projects Ltd
• JV Partner: Arihant Group
• JV Entity: Canopy Living LLP
• Development Focus: Premium residential projects aligned with modern urban living
• Strategy Note: Chennai is a key component of Prestige's national expansion plan

This acquisition aligns with Prestige's broader goal of developing landmark residential projects across major Indian cities.

Stock Overview

• 52-Week High: ₹1,971.00 (as of September 17, 2024)
• 52-Week Low: ₹1,048.30 (as of April 7, 2025)
• Current Price vs 52W High: ~15.44% below
• Current Price vs 52W Low: ~58.99% above
• Market Capitalisation: ₹71,789.81 Crore

These figures suggest moderate volatility and a steady recovery trajectory for the Prestige Estates share price.

Summary of the Article

Prestige Estates Projects Ltd saw a moderate rise in its share price on June 30, backed by a key land acquisition announcement. The company, via a joint venture with Arihant Group, is acquiring 3.48 acres of prime land in Velachery, Chennai. With development plans spanning 7.5 lakh sq. ft. and a GDV of ₹1,600 Crore, this move reinforces the group's commitment to premium residential projects and urban expansion in South India.

The Prestige Estates share price movement signals confidence in the group's strategy and potential growth in the southern real estate market.