Prestige Group's joint venture, Canopy Living LLP, has agreed to purchase a 16.38-acre land parcel in Padi, Chennai, from Sundaram-Clayton Ltd for Rs 561 crore. The acquisition is part of Prestige Group's strategy to expand its presence in key urban markets and will be used for a real estate project. An advance of Rs 25 crore has been received, with the balance payment due upon execution of the sale deed.