DRA Homes Expands Portfolio with Landmark Commercial Venture: Secures 99-Year Lease Agreement with RLDA

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In a significant move, DRA Homes, a prominent real estate developer based in Chennai, has stepped into the realm of commercial development through a groundbreaking agreement. The company proudly announced its successful bid and subsequent signing of a notable 99-year lease agreement with the Railway Land Development Authority (RLDA) for a prime 1.06-acre plot located in Egmore, Chennai.

Strategically positioned in the heart of Chennai, the property boasts unparalleled connectivity to key landmarks such as Anna Salai, Apollo Hospitals, public transportation hubs, metro stations, residential communities, and medical facilities. DRA Homes plans to invest Rs. 150 crores into the development of an A-grade office complex, with a strong emphasis on sustainability. The project aims to attain Green Building certification, aligning with the company’s unwavering commitment to environmental stewardship.

With a keen eye on potential clients in the vicinity, the company aims to lease the entire 1.1 lakh square feet building to a single client, offering a competitive rental rate of Rs. 110 per square foot per month. Furthermore, upon completion, DRA intends to transfer ownership of the property to SME Real Estate Investment Trusts (REITs), pending approval from RLDA. This strategic move aims to foster inclusivity and enable small and medium-sized enterprises to participate in the burgeoning commercial real estate market.

Commenting on the strategic vision driving this initiative, Mr. Ranjeeth Rathod, Managing Director of DRA Homes, expressed excitement, stating, “We are thrilled to embark on our commercial development journey with the support of RLDA. Our collaboration marks a significant milestone, as we endeavor to deliver 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.”

Chennai has emerged as a robust commercial hub, witnessing the absorption of 10.6 million square feet of commercial space in the preceding year, securing the third position nationally in absorption rates. Recognizing the escalating demand for Grade A office spaces within the Central Business District (CBD), DRA Homes aims to bridge this gap through innovative, sustainable, and client-centric solutions.

With this transformative development, DRA Homes seeks to redefine the commercial real estate landscape in Chennai, further solidifying its position as a key player in the industry.

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