Prestige Group has announced the acquisition of a 25-acre land parcel in Medavakkam, Chennai, marking a fresh milestone in its expansion strategy and underlining its long-term commitment to the Chennai real estate market. The new land purchase is expected to significantly strengthen the group’s residential development pipeline in the city.
According to the company, the Medavakkam land parcel offers a development potential of around 5 million square feet, with an estimated revenue potential exceeding ₹5,000 crore. The site is proposed to be developed into a large-format residential project, aligned with Prestige Group’s focus on scale-driven developments, efficient planning, and long-term value creation.
Medavakkam has emerged as one of Chennai’s fast-growing residential micro-markets, driven by its proximity to the OMR IT corridor, improving road connectivity, and proposed metro infrastructure. The area continues to attract strong end-user demand due to a balanced mix of affordability, accessibility, and expanding social infrastructure, making it well positioned for sustained housing growth.
Commenting on the acquisition, Irfan Razack, Chairman and Managing Director of Prestige Group, said the company views Chennai as a key long-term market. He highlighted that Medavakkam’s location is well suited to cater to the city’s consistent mid-segment housing demand, supported by infrastructure upgrades and closeness to major employment hubs. He added that the new acquisition further strengthens the group’s development pipeline and positions it well for the next phase of growth in Chennai.
The upcoming project will be planned and executed in line with Prestige Group’s established standards for design, quality, and timely delivery. The company stated that additional details related to project configuration, launch schedule, and development timelines will be shared at a later stage.
