Prestige Estates Acquires 25 Acres in Chennai for Rs 5,000 Crore Housing Project
Prestige Estates Projects Ltd has purchased 25 acres of land in Chennai to develop a Rs 5,000 crore housing project. The acquisition aligns with the company's long-term view on Chennai's real estate market.
Prestige EstatesChennaiHousing ProjectReal EstateLand AcquisitionReal Estate NewsDec 23, 2025
The acquired land parcel offers a development potential of approximately 5 million square feet. According to a regulatory filing, this strategic move aligns with Prestige Estates' long-term view on Chennai as a crucial market for the Group. Irfan Razack, Chairman and Managing Director of Prestige Group, commented, “This land acquisition...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.”
The company did not disclose the cost of the land acquisition. However, the strategic location of the land in Medavakkam is expected to attract a significant number of homebuyers due to its accessibility and proximity to key employment centers.
In a separate development, Ramco Cements Ltd has sold non-core assets worth Rs 514.90 crore to Prestige Estates Projects Ltd. The sale deed for the land owned by Ramco Cements was executed, further solidifying Prestige Estates' presence in the region.
Prestige Estates is one of the leading real estate developers in the country. As of September 2025, the group has delivered 310 projects spanning 202 million square feet and currently has a pipeline of 130 projects across 199 million square feet. This latest acquisition in Chennai is expected to further boost the company's portfolio and strengthen its market position.
The real estate sector in Chennai has been witnessing steady growth, driven by improving infrastructure and a robust demand for mid-segment housing. Prestige Estates' move to tap into this market is a strategic step to capitalize on the growing opportunities in the region. The company's focus on sustainable and well-planned developments is expected to meet the housing needs of the growing population in Chennai.
With this acquisition, Prestige Estates continues to expand its footprint in key markets, reinforcing its commitment to delivering high-quality residential projects that meet the evolving needs of homebuyers. The company's strong track record and robust development pipeline position it well to capitalize on the growing demand for housing in Chennai and other major cities in India.
Frequently Asked Questions
What is the estimated revenue potential of the new housing project in Chennai?
The estimated revenue potential of the new housing project in Chennai is over Rs 5,000 crore.
Where is the 25-acre land parcel located in Chennai?
The 25-acre land parcel is located in Medavakkam, Chennai.
Who is the Chairman and Managing Director of Prestige Group?
Irfan Razack is the Chairman and Managing Director of Prestige Group.
What is the development potential of the acquired land parcel?
The development potential of the acquired land parcel is approximately 5 million square feet.
How many projects has Prestige Estates delivered as of September 2025?
As of September 2025, Prestige Estates has delivered 310 projects spanning 202 million square feet.
Related News Articles
Maharashtra Assembly Elections 2024: Complete List of Shiv Sena (UBT) Candidates
The political landscape in Thane is heating up as Uddhav Thackeray’s Shiv Sena (UBT) fields Kedar Dighe, the nephew of the late Anand Dighe, against Maharashtra Chief Minister Eknath Shinde. Here’s a comprehensive list of all the candidates from UBT.
Maharashtra Minister Ashish Shelar Directs 100% Fund Utilisation for Development Projects
Maharashtra Minister Ashish Shelar has directed all government departments and implementing agencies to ensure 100% utilisation of allocated funds, emphasizing the need for swift action on issues raised by elected representatives.