DRA Homes, a Chennai-based real estate developer, has acquired Marina Mall’s residential development project, the prestigious Marina Mall in OMR, Chennai, for Rs 25.10 crore.
YuBi, a FinTech platform, funded the acquisition. The transaction allows retail HNIs to subscribe to NCD through the Fintech platform, paving the way for increased retail participation in the city’s development.
“YuBi made a contribution of Rs 16.50 crore towards the acquisition. We anticipate a revenue of Rs 153 crore from this acquisition. The projected development cost for the residential segment amounts to Rs100 crore, inclusive of land expenses. The timeline set for the completion of this project is within 3 years, with the target year being 2027,” said Ranjeeth Rathod, Managing Director, DRA Homes.
The Marina Mall is owned by OMR Developers Private Limited. The project project, covering 6.58 acres, includes a 5.12 lakh square feet amll, ,1.5 lakh square feet hotel and a 1.53 lakh square feet residential area. The integrated development encompasses 8 lakhs square feet.
Chennai’s real estate market has demonstrated strong performance in the past year, driven by robust demand and strategic investments from major developers. Notably, key real estate players have announced substantial investments in the city, signaling sustained confidence in its real estate potential. A total of 7,957 units were sold between January and June 2024.
Looking ahead to 2024-25, the Chennai real estate market is anticipated to experience a phase of consolidation with steady growth. While the previous rapid price escalations may stabilize, the overall outlook remains positive, supported by ongoing infrastructural developments and a consistent influx of professionals into the city. This transition towards stability is expected to foster a more balanced market, benefiting both buyers and investors.
Separately DRA Homes currently has 14 residential project under construction, totaling 2.8 million square feet, with an additional pipeline of 1.4 million square feet in the mid and upper segments, this also includes 2lakg square feet of commercial development. The firm presence in Chennai and Bengaluru, completed over 10 million square feet of projects, including ongoing developments.
