DRA Homes wins a bid for 1.06 acres in Chennai from the RLDA

Unnati More Mar 20, 2024 0

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.

Also Read: Over 1691 new construction projects tracked in February 2024

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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Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article, please email editor@biltrax.com.

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