DRA Homes, a leading real estate developer in Chennai, proudly announces its foray into commercial development with a groundbreaking agreement. The company was 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.
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 Homes is set to invest Rs. 150 crores into the development of an A-grade office complex. Emphasizing sustainability, the project focuses to achieve Green Building certification, aligning with the company’s commitment to the environment.
With many potential clients in the vicinity, they aim 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.
Highlighting the strategic vision behind the initiative, Ranjeeth Rathod, Managing Director, DRA Homes said, "We are thrilled to venture into commercial development with the support of RLDA. 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.”
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. Recognizing the escalating demand for Grade A office spaces within the Central Business District (CBD), With a steadfast focus on innovation, sustainability, and client-centric solutions, DRA Homes is committed to bridging the gap through this transformative development and redefine the commercial real estate landscape in Chennai.
