Prestige Estates launches ₹1,330 crore residential project in North Chennai

Prestige Estates Projects Limited has expanded its Chennai residential portfolio with the launch of Prestige Palm Court, a high-rise housing project in Madhavaram, North Chennai, with an estimated gross development value (GDV) of ₹1,330 crore.

Spread across 7.98 acres, the project will have approximately 1.38 million sq. ft. of saleable area. The launch marks another significant move by the Bengaluru-based developer to strengthen its presence beyond its traditional Bengaluru market and tap into residential demand in other major cities.

The Madhavaram project comes as North Chennai continues to attract greater real estate attention, supported by improvements in connectivity and infrastructure. Prestige Estates is positioning Palm Court as a premium residential development in a market that has historically offered relatively more affordable housing compared with established central and southern parts of Chennai.

Prestige expands Chennai residential presence

The launch is part of Prestige Estates’ broader strategy to diversify its geographical footprint. While Bengaluru continues to remain its largest market, the company has been adding projects across other Tier-1 cities to build a larger and more balanced development pipeline.

Chennai accounted for around 5% of Prestige Estates’ sales in the first quarter of FY27, compared with 49% from Hyderabad and 27% from Bengaluru. The addition of Palm Court gives the company another sizeable residential project in the city and increases its exposure to the northern corridor.

The project also comes at a time when the developer is targeting a substantial launch pipeline for FY27. Prestige has indicated a launch pipeline with a GDV of between ₹45,000 crore and ₹58,000 crore for the financial year.

Infrastructure supporting North Chennai

Madhavaram’s growing appeal is closely linked to improving infrastructure in the wider northern Chennai region. Better connectivity to key employment and residential areas, along with the ongoing expansion of the city’s Metro network, is expected to support long-term housing demand.

For Prestige Estates, the project provides an opportunity to establish a stronger presence in an emerging micro-market while leveraging its national brand and development capabilities.

The company reported ₹2,835.6 crore in consolidated total income in Q1 FY27, up 14.9% year-on-year. However, consolidated net profit declined 12.9% to ₹271.4 crore, while sales bookings were affected by fewer project completions and a high base from the previous year.

Against this backdrop, the successful execution and sales performance of Prestige Palm Court will be important in determining how quickly the new North Chennai project contributes to the developer’s growth pipeline.