DRA Homes, the Chennai-based real estate developer, has emerged as the highest bidder and signed a significant 99-year lease with the Railway Land Development Authority (RLDA) for developing a commercial project in Chennai. The project will be developed over an anticipated 1.06-acre land parcel in Egmore.
The upcoming commercial project comprising A-grade offices will see an estimated investment of INR 150 Crore. Upon completion, DRA intends to transfer ownership of the property to SME Real Estate Investment Trusts (REITs), subject to the approval of RLDA.
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Emphasising sustainability, the project focuses on achieving Green Building certification, aligning with DRA Homes’ environmental commitment. The company aims to create top-tier office buildings that meet the highest sustainability standards and foster a vibrant and conducive work environment for businesses through this project, said Ranjeeth Rathod, managing director of DRA Homes.
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