DRA Homes, a Chennai-based real estate developer, announced the acquisition of the Marina Mall Residences in Chennai for ₹25.10 crore.
The Marina Mall Residential Project funded by financial technology platform provider YuBi, is located on the Old Mahabalipuram Road (popularly known as Information Technology Corridor) in the city.
The funding arrangement involved YuBi contributing ₹16.50 crore to the acquisition, with DRA Homes anticipating revenue exceeding ₹153 crore from this initiative.
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.
OMR Developers Private Limited owns the Marina Mall project, which spans 6.58 acres and is a mixed-use development, including a 5.12 lakh square feet mall, a 1.5 lakh square feet hotel and a 1.53 lakh square feet residential area. The integrated development encompasses 8 lakh square feet.
Ranjeeth Rathod, MD of DRA Homes, expressed his enthusiasm about the project, stating, “We are incredibly excited to lead the residential development at Marina Mall. This project not only embodies our commitment to excellence and innovation in real estate but also serves as a catalyst for transforming the residential landscape of Chennai. By enabling retail HNIs to invest through YuBi, we are opening doors to a new wave of opportunities, fostering community growth and enhancing the lifestyle of residents in this thriving city.”
“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.
Separately DRA Homes currently has 14 residential projects under construction, totalling 2.8 million square feet, with an additional pipeline of 1.4 million square feet in the mid and upper segments, this also includes 2 lakh square feet of commercial development. The firm presence in Chennai and Bengaluru completed over 10 million square feet of projects, including ongoing developments.
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.
