The transaction is expected to be completed on or before 11 February. Advance of Rs. 25 crore has been received, and the balance consideration of Rs. 535.67 crore to be received on execution of sale deed, the company said in a stock exchange filing.
The land parcel is strategically located in close proximity to Anna Nagar, one of Chennai’s most established and prime residential micro-markets, known for its strong social infrastructure, connectivity, and mature residential character, Prestige Group said in a separate statement.
This acquisition is aligned with Prestige Group’s strategy of strengthening its presence in high-quality urban locations, while maintaining a disciplined approach to capital allocation. Prestige Group continues to evaluate well-located land acquisition opportunities across key markets to support its future residential and mixed-use development pipeline, it said.
