Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
Prestige Estates Projects Ltd has announced that its group plans to purchase a 16.381-acre land parcel in Chennai, as disclosed in the past week. While financial details and development plans were not shared, the acquisition points to a large-scale project in one of South India's key real estate markets. The move aligns with Prestige's strategy of expanding its land bank across major cities. Chennai has been witnessing rising interest from organised developers due to stable demand, infrastructure growth, and long-term economic fundamentals.
Prestige Estates Projects Ltd has informed that the group is moving ahead with the purchase of a 16.381-acre land parcel in Chennai. The disclosure was made to the exchanges in the past week, indicating the company's intent to strengthen its land bank in one of India's key southern real estate markets. Advertisement
The company did not disclose the transaction value or detailed development plans for the land parcel. However, the size of the acquisition suggests a large-format development, potentially spanning residential, mixed-use, or commercial assets, depending on zoning and approvals. Chennai continues to remain a strategic market for organised developers due to steady end-user demand, improving infrastructure, and consistent absorption across housing segments.
Prestige Estates, headquartered in Bengaluru, has steadily expanded beyond its core southern markets over the past decade. The developer has an established presence in residential, office, retail, hospitality, and mixed-use developments across cities such as Bengaluru, Mumbai, Hyderabad, Kochi, and Chennai. In Chennai, the group already has ongoing and completed residential and commercial projects, primarily catering to mid-income and premium segments.
Land acquisitions by large developers have increased over the past year as balance sheets strengthened and financing conditions improved. Chennai, in particular, has seen renewed interest from national developers due to relatively stable land pricing compared to other metros and long-term growth prospects driven by manufacturing, IT, and port-led economic activity.
Source Reuters
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
