DRA Homes makes an outlay of Rs 2,000 crore for FY24-25 in Chennai

DRA Homes, a leading real estate developer in Chennai, has announced a strategic investment plan of Rs 2,000 crore for the financial year 2024-25. As part of its expansion strategy, DRA Homes has committed an investment of Rs 500 crore, further solidifying its commitment to the development and growth of Chennai's real estate landscape and strengthening its position as a key player in the market. The outlay shall be funded by further equity, internal accruals, family office investments and structured debt.

DRA Homes plans to launch new projects with a total inventory of Rs 2,000 crore by March 2024, ensuring a robust pipeline to sustain its growth momentum. The company will focus on the mid-segment, ranging from Rs 50 lakh to Rs 2 crore, and will also introduce commercial development, villas and layout stock as part of its sales plan from FY 2024-25 onwards.

In the next three to four months, the company is planning launch multiple villa and apartment projects in the areas like Karanai, Madambakkam, Madhavaram, Moolakadai, Egmore, OMR with total saleable are of 1.2 million square feet with an estimated turnover of Rs 750 crores.

Ranjeeth Rathod, Managing Director, DRA Homes said, “Building on the of success of last few years and positive outlook of the real estate market, we are thrilled to announce our ambitious investment plan for the upcoming financial year. This reflects our confidence in the growth potential of Chennai's real estate market and our commitment to delivering world-class projects. 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.”