Prestige Group has acquired a 25-acre land parcel in Medavakkam, Chennai, to develop a large-format project with a development potential of approximately 5 million square feet. The project is estimated to have a top-line revenue potential of over ₹5,000 crore. This acquisition strengthens Prestige Group’s presence in Chennai and aligns with its long-term growth strategy in the region.
Chennai Land Acquisition
Prestige Group has announced the acquisition of a 25-acre land parcel in Medavakkam, Chennai. The announcement was made on December 22, 2025. This strategic move underscores the company’s commitment to expanding its footprint in the Chennai real estate market.
Project Details and Potential
The acquired land offers a development potential of approximately 5 million square feet. The project is estimated to generate a top-line revenue potential of over ₹5,000 crore. Prestige Group plans to develop the site into a large-format project, focusing on scale and planning efficiency.
Strategic Location and Market Dynamics
Medavakkam is a rapidly developing residential micro-market in Chennai, boosted by its proximity to the OMR IT corridor, improved road infrastructure, and upcoming metro connectivity. This area offers a balanced mix of accessibility, affordability, and growing social infrastructure, supporting sustained residential demand.
Executive Commentary
According to Mr. Irfan Razack, Chairman and Managing Director, Prestige Group, the acquisition aligns with the company’s long-term view on Chennai as an important market. He highlighted the location’s suitability for addressing the city’s sustained mid-segment housing demand and its strategic advantages due to improving infrastructure and proximity to key employment hubs.
Future Plans
The project will be executed in line with Prestige Group’s standards for design, quality, and timely delivery. Further details regarding the project configuration and development timeline will be announced in due course.
Source: BSE