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Prestige Estates Projects Limited, India's real estate major, has announced the acquisition of a 25-acre land parcel in Medavakkam, Chennai, reinforcing its long-term commitment to the city’s growing real estate market.

"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 company said in its exchange filing.

The acquired land is intended for the development of approximately 5 million square feet, with the potential to generate over Rs 5,000 crore in revenues. The location is planned to be transformed into a large-scale project, in line with Prestige Group's intention to focus on scale, integrated planning, and efficient execution, the company said.

The company, in its exchange filing, emphasised that 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.

According to the company, the upcoming project will be planned and executed in line with Prestige Group’s established benchmarks for design excellence, construction quality, and timely delivery. The development is expected to cater to sustained residential demand in the region.

Further details regarding the project’s configuration, launch timeline, and phased development plans will be announced at a later date, the company said.

Commenting on the acquisition, 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.”

As of 11:10 am, shares of Prestige Estates Projects Ltd were trading at Rs 1,612 apiece, up by 0.54 per cent from the previous close of Rs 1,603.35.

The stock has declined about 4.46 per cent in the past month and 2.51 per cent on a year-to-date (YTD) basis.