DRA Homes forays into commercial development

CHENNAI: DRA Homes, announce its foray into commercial development with an agreement it has signed with the Railway Land Development Authority (RLDA) for a prime 1.06-acre plot situated in the city.

It is set to invest Rs 150 crore into the development of an A-grade office complex. The company was the highest bidder for the property with a 99-year lease.

Strategically located in the heart of Chennai, the property enjoys unparalleled connectivity to key landmarks such as Anna Salai, Apollo Hospitals, public transportation hubs, metro stations, residential communities, and medical facilities.

DRA aims to lease the entire building of 1.1 lakh square feet to a single client, with a rental rate of Rs 110 per square foot per month. Also, upon completion, DRA intends to transfer ownership of the property to SME Real Estate Investment Trusts (REITs), subject to approval of RLDA, fostering inclusivity and participation of small and medium-sized enterprises in the flourishing commercial real estate market.

Ranjeeth Rathod, MD, DRA Homes said, “Our vision for this project is to create top-tier office buildings that not only meet the highest standards of sustainability, but also, foster a vibrant and conducive work environment for businesses.”

Chennai emerged as a robust commercial hub, witnessing absorption of 10.6 million square feet of commercial space in the preceding year, securing the third position nationally in absorption rates.