Prestige Estates Expands Chennai Footprint with 25-Acre Medavakkam Land Acquisition
Prestige Estates Projects Ltd announced on Monday that it has acquired a 25-acre land parcel in Medavakkam, Chennai, solidifying its long-term commitment to the Chennai real estate market. This strategic move adds to the company's growing land bank in the city and is seen as a key business development milestone.
The acquired land has a development potential of approximately 5 million square feet, with an estimated revenue potential of more than ₹5,000 crore at the top line level. The site is proposed to be developed into a large-format residential project, aligning with Prestige Group's strategy of focusing on scale, efficient planning, and long-term value creation.
Medavakkam has emerged as a fast-developing residential micro-market in Chennai, driven by its proximity to the OMR IT corridor. The area has seen significant improvements in road connectivity, planned infrastructure upgrades, and proposed metro connectivity. These factors have positioned Medavakkam as a preferred location for mid-segment homebuyers seeking a balance between affordability and access to employment hubs.
Chairman and Managing Director Irfan Razack emphasized that the land acquisition aligns with the group’s long-term view on Chennai as a strategic market. He highlighted that the location is well-suited to address the city’s steady mid-segment housing demand, driven by infrastructure development and proximity to key employment centers. The region continues to see growth in social infrastructure, which has supported sustained residential demand.
According to the management, the acquisition strengthens Prestige Group’s development pipeline and positions the company 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 related to the project configuration and development timeline will be announced at a later stage.
Prestige Estates Projects Ltd is a leading real estate developer in India, known for its commitment to quality, innovation, and customer satisfaction. The company has a strong presence in major cities across the country and continues to expand its portfolio with strategic land acquisitions and development projects.
The acquisition of this 25-acre land parcel in Medavakkam is a testament to Prestige Estates' confidence in the Chennai real estate market and its commitment to delivering high-quality projects that meet the evolving needs of homebuyers.
