CHENNAI: Realty firm Prestige Estates Projects Ltd has bought a 25-acre land in Chennai to develop a housing project with an estimated revenue of more than Rs 5,000 crore.

The company has acquired the land parcel in Medavakkam, Chennai.

“The acquired land parcel offers a development potential of approximately 5 million square feet, with an estimated top-line revenue potential of over Rs 5,000 crore,” Prestige Estates said in a regulatory filing.

Irfan Razack, chairman and managing director, Prestige Group, said: “This land acquisition...aligns with our longterm view on Chennai as an important market for the Group. The location is well suited to address the city’s sustained mid-segment housing demand, supported by improving infrastructure and proximity to key employment hubs.”

The company did not disclose the land cost.

In a separate filing, the Ramco Cements Ltd informed that the company has sold non-core assets for Rs 514.90 crore to Prestige Estates Projects Ltd.

“An absolute sale deed had been entered between the company and Prestige Estates Projects Ltd. The deed had been executed for the sale of land owned by the company,” it added.