DRA Group, Balajadia family launch $100 million real estate platform
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Chennai-based property developer DRA Group has partnered with the Balajadia family of the Philippines for a $100 million (about ₹876 crore) real estate platform, targeting yield-generating office and retail assets across South India.The platform, which will be owned equally by both partners, marks the debut of a Filipino company in India's thriving realty market. It will initially focus on Grade A commercial and retail developments in Chennai and Bengaluru.The first project-a 60,000 sq ft retail centre in Chennai's OMR corridor-is currently underway at an investment of $10 million. Another upcoming project is a 1.6-acre commercial centre in Chennai.The platform has set a medium-term development target of over 1 million sq ft, with assets ranging from core central business district (CBD) plots to growth locations in suburban areas. The portfolio will comprise 70% commercial and 30% retail assets across Chennai and Bengaluru."The platform allows us to take a programmatic approach to both greenfield and value-add commercial projects, while de-risking through tenant pre-leasing and asset-backed capital deployment over the next three years," said Ranjeeth Rathod, managing director, DRA Group.For DRA Group, known for residential and mixed-use townships, the platform marks a shift into institutional-grade commercial and retail real estate. As part of the platform strategy, DRA plans to acquire 1.5-2 acre land parcels in high-absorption micro-markets having strong infrastructure.
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