February 19, 2024: Chennai-based real estate developer DRA Homes has announced a strategic investment plan of Rs 2000 crore for the financial year 2024-25, according to an official release.
As part of its expansion strategy, DRA Homes has committed to invest Rs 500 crore in Chennai’s real estate market. The outlay will be funded by further equity, internal accruals, family office investments and structured debt.
According to the developer, DRA Homes plans to launch new projects with a total inventory of Rs 2000 crore by March 2024. The company will focus on the mid-segment, ranging from Rs 50 lakh to Rs 2 crore, and will also introduce commercial development, villas and layout stock as part of its sales plan from FY 2024-25 onwards.
In the next three to four months, the company is planning to launch multiple villa and apartment projects in the areas such as Karanai, Madambakkam, Madhavaram, Moolakadai, Egmore, OMR with a total saleable area of 1.2 million square foot (msf) with an estimated turnover of Rs 750 crore.
Ranjeeth Rathod, managing director, DRA Homes said, “Building on the success of last few years and positive outlook of the real estate market, we are thrilled to announce our ambitious investment plan for the upcoming financial year. This reflects our confidence in the growth potential of Chennai’s real estate market and our commitment to delivering world-class projects. We believe that the Chennai market has hit the inflection point of robust commercial and residential demand this year after record 10.6 msf commercial absorption in 2023.”
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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