Prestige Estates Expands in Chennai with 25-Acre Land Acquisition
Shares of Prestige Estates Projects Ltd are trading flat on 23rd December after touching a day’s high of Rs 1,619.80. This comes despite the company announcing on Monday (22nd December) the acquisition of a 25-acre land parcel in Medavakkam, Chennai. The acquisition reinforces its long-term commitment to the Chennai real estate market. Additionally, the acquisition marks another business development milestone for the group.
The land parcel has a development potential of around 5 million sq ft. Moreover, it has an estimated revenue potential of over Rs 5,000 crore. Prestige Group plans to develop the site into a large-format residential project. This aligns with its focus on scale and efficient planning.
Medavakkam is an emerging residential micro-market in Chennai. It is supported by proximity to the OMR IT corridor, improving road infrastructure, and upcoming metro connectivity. The area offers a balance of accessibility, affordability, and growing social infrastructure, supporting steady residential demand.
Chairman and Managing Director Irfan Razack said the acquisition aligns with Prestige Group’s long-term focus on Chennai. It will help address sustained mid-segment housing demand. He added that the project strengthens the group’s development pipeline. Furthermore, it positions Prestige Group well for the next phase of growth in Chennai.
The project will be executed in line with Prestige Group’s design, quality, and timely delivery standards. More details will be shared later. At 1:37 PM, shares of Prestige Estates were trading 0.050% lower at Rs 1,602.30 on NSE.
