Prestige Estates Expands Chennai Presence 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, reaffirming its long-term commitment to the Chennai real estate market.

The company described the acquisition as a key business development milestone that adds to its growing land bank in the city. The acquired land offers a development potential of around 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 in line with the 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, supported by its proximity to the OMR IT corridor. The area has benefited from improving road connectivity, planned infrastructure upgrades, and proposed metro connectivity.

These factors have helped position Medavakkam as a preferred location for mid-segment homebuyers looking for a balance between affordability and access to employment hubs. The region also continues to see growth in social infrastructure, which has supported sustained residential demand.

Chairman and Managing Director Irfan Razack said the land acquisition aligns with the group’s long-term view on Chennai as a strategic market. He noted 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.

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 company said 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 and timely project delivery. The company has a strong presence in major cities across the country and is continuously expanding its portfolio to meet the growing demand for residential and commercial properties.