Prestige Medavakkam Overview
Prestige Estates Projects has strengthened its Chennai footprint with a fresh land acquisition in Medavakkam, South Chennai. Prestige Estates Projects Ltd said it has acquired a 25 acre land parcel in Medavakkam, Chennai, reinforcing its long term commitment to the Chennai real estate market. The transaction was structured as a strategic partnership acquisition, with the company acquiring a 66.93% partnership interest in Bharatnagar Buildcon LLP via its subsidiaries for ₹938.75 crore.
The scale of this land bank makes it one of the larger residential opportunities to come up in South Chennai in recent years. The company described the acquisition as a key business development milestone, with the acquired land offering a development potential of around 5 million square feet and an estimated revenue potential of more than ₹5,000 crore at the top line level. The site is proposed to be developed into a large format residential project in line with the group's strategy of focusing on scale, efficient planning, and long term value creation.
Medavakkam itself has become one of the city's most watched micro-markets. Medavakkam has emerged as a fast developing residential micro market in Chennai, supported by its proximity to the OMR IT corridor, and has benefited from improving road connectivity, planned infrastructure upgrades, and proposed metro connectivity. These factors have helped position Medavakkam as a preferred location for mid segment homebuyers looking for a balance between affordability and access to employment hubs, and the region continues to see growth in social infrastructure that supports sustained residential demand.
Commenting on the deal, Chairman and Managing Director Irfan Razack said the land acquisition aligns with the group's long term view on Chennai as a strategic market, noting that the location is well suited to address the city's steady mid segment housing demand driven by infrastructure development and proximity to key employment centres. The project forms part of a wider Q3 FY26 land bank push in which Prestige Estates added parcels in Lakdaram and Rajendra Nagar in Hyderabad, Medavakkam in Chennai, and Indavara in Chikkamagaluru, cumulatively covering 85 acres during the quarter, contributing to total land additions of 351 acres in the first nine months of FY26.
