March 19, 2024: Chennai-based real estate developer DRA Homes has announced its foray into commercial development. According to an official release, the company emerged as the highest bidder and has signed a significant 99-year lease with the Railway Land Development Authority (RLDA) for a prime 1.06-acre plot situated in Egmore, Chennai.
The property is well-connected to Anna Salai, Apollo Hospitals, public transportation hubs, metro stations, residential communities, and medical facilities. DRA Homes is planning to invest Rs 150 crore into the development of an A-grade office complex. Emphasising sustainability, the project focuses to achieve Green Building certification, aligning with the company’s commitment to the environment, the release said.
With many potential clients in the vicinity, they aim to lease the entire building of 1.1 lakh square foot (sqft) to a single client, with a rental rate of Rs 110 per sqft per month. Upon completion, DRA intends to transfer ownership of the property to SME Real Estate Investment Trusts (REITs), subject to the approval of RLDA, fostering inclusivity and participation of small and medium-sized enterprises in the flourishing commercial real estate market, the release said.
Ranjeeth Rathod, managing director, DRA Homes said, “Our collaboration with RLDA marks a significant milestone in our journey, delivering exceptional office spaces that will redefine the urban landscape. 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.”
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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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