Prestige Group Strengthens Chennai Portfolio with 25-Acre Acquisition in Medavakkam

Prestige Group, one of India's leading real estate developers has announced the acquisition of a 25-acre land parcel in Medavakkam, Chennai, marking another significant business development milestone for the Group and reinforcing its long-term commitment to the Chennai real estate market.

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 Prestige Group's focus on scale and planning efficiency.

Medavakkam is a rapidly developing residential micro-market in Chennai, benefiting from proximity to the OMR IT corridor, improving road infrastructure, and upcoming metro connectivity. The area offers a balanced mix of accessibility, affordability, and growing social infrastructure, supporting sustained residential demand.

Commenting on the acquisition, Mr. 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 was last trading in BSE at Rs. 1603.35 as compared to the previous close of Rs. 1622.40. The total number of shares traded during the day was 2442 in over 481 trades.

The stock hit an intraday high of Rs. 1634.65 and intraday low of 1599.50. The net turnover during the day was Rs. 3946501.00.

Source : Equity Bulls

Keywords

PrestigeEstatesProjects INE811K01011 Realty PrestigeGroup Chennai 25Acres Acquisition Medavakkam