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Prestige Estates Projects Ltd has acquired a 25 acre land parcel in Medavakkam, Chennai, marking a significant expansion of its presence in the city. The site offers a development potential of around five million sq ft and is expected to generate top line revenue exceeding INR 5,000 crore. The acquisition aligns with the company's strategy to cater to sustained mid segment housing demand, supported by improving infrastructure, planned metro connectivity, and proximity to employment hubs. The purchase also included non core assets acquired from Ramco Cements valued at INR 514.90 crore.
Prestige Estates Projects Ltd has strengthened its Chennai portfolio with the purchase of a 25 acre land parcel in Medavakkam. The location is considered one of the city's fast developing residential areas, benefiting from enhanced infrastructure and proximity to key employment centres. Advertisement
The acquired land offers development potential of around five million sq ft, with projected top line revenue of more than INR 5,000 crore. The company plans a large-scale residential development targeting mid-segment buyers. This project is in line with Prestige Estates broader approach of creating value through scale and efficient project planning.
Prestige Estates emphasized that this acquisition supports its long-term commitment to Chennai as a key market. Medavakkam's connectivity to the city's business hubs, upcoming metro corridors, and existing infrastructure improvements are expected to maintain steady demand for residential units in the area.
The company has not disclosed the purchase price for the land. In a related development, Ramco Cements Ltd sold non-core assets worth INR 514.90 crore to Prestige Estates through an absolute sale deed, further contributing to the expansion of Prestige's land bank.
Prestige Estates is one of India's leading property developers. As of the latest quarter, it had completed 310 projects covering 202 million sq ft and maintains an active pipeline of 130 projects across 199 million sq ft, highlighting its broad presence across major cities in India. This acquisition reinforces its strategy to focus on key urban corridors where demand is strong and growing.
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