Prestige Estates acquires 25-acre land parcel in Medavakkam to expand Chennai presence

Real estate firm Prestige Estates Projects Ltd on Monday (December 22) announced the acquisition of a 25-acre land parcel in Medavakkam, Chennai, reinforcing its long-term commitment to the Chennai real estate market. The acquisition marks another business development milestone for the group.

The acquired land parcel offers a development potential of approximately 5 million square feet, with an estimated top-line revenue potential of over ₹5,000 crore. The site is proposed to be developed into a large-format project in line with the group’s focus on scale and planning efficiency.

Medavakkam is a rapidly developing residential micro-market in Chennai, supported by its proximity to the OMR IT corridor, improving road infrastructure, and upcoming metro connectivity. The area provides a mix of accessibility, affordability, and growing social infrastructure, which continues to support residential demand.

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Irfan Razack, Chairman and Managing Director, Prestige Group, said, "This land acquisition in Medavakkam aligns with our long-term view on Chennai as an important market for the Group. The location is well-suited to address the city’s sustained mid-segment housing demand, supported by improving infrastructure and proximity to key employment hubs. This addition strengthens our development pipeline, positioning us well for the next phase of growth in Chennai."

The project will be planned and executed in line with Prestige Group’s established standards for design, quality, and timely delivery. Further details regarding the project configuration and development timeline will be announced in due course.

Shares of Prestige Estates Projects Limited ended at ₹1,607.80, down by ₹1.00, or 16.30%, on the BSE.