DRA Homes has proposed an investment plan of ₹2,000 crore for 2024-25 as the real estate developer has planned to launch new projects in the coming months.
It has made an initial investment commitment of ₹500 crore in the Chennai real estate market.
The company will focus on the mid-segment, ranging from ₹50 lakh to ₹2 crore, and will also introduce commercial development, villas and layout stock as part of its sales plan from FY2024-25 onwards. The proposed outlay will be funded by further equity, internal accruals, family office investments and structured debt, according to a statement.
“We believe that the Chennai market has hit the inflection point of robust commercial and residential demand this year after record 10.6 million square feet commercial absorption in 2023,” Ranjeeth Rathod, Managing Director, DRA Homes said.
“Over the next 3-4 months, the company is planning to launch multiple villa and apartment projects in areas like Karanai, Madambakkam, Madhavaram, Moolakadai, Egmore, OMR in Chennai with a total saleable area of 1.2 million square feet.