DRA Homes gets Railway Land Development Authority plot in Egmore for 99-year lease

March 20, 2024 07:29 pm | Updated 07:29 pm IST - CHENNAI

Chennai-based DRA Homes was the highest bidder and has signed a 99-year lease with the Railway Land Development Authority (RLDA) for a prime 1.06-acre plot situated in Egmore.

DRA Homes is set to invest ₹150 crore into the development of an A-grade office complex at this place. In a statement, the real estate player said, “With many potential clients in the vicinity, they aim to lease the entire building of 1.1 lakh square feet to a single client, with a rental rate of ₹110 per square foot per month.”

Upon completion, DRA intends to transfer ownership of the property to SME Real Estate Investment Trusts (REITs), subject to approval of RLDA. Ranjeeth Rathod, Managing Director, DRA Homes said, “Our vision for this project is to create top-tier office buildings that not only meet the highest standards of sustainability, but also, foster a vibrant and conducive work environment for businesses.”