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Private Sector | Tamil Nadu - India | PID: 202646
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DRA Homes has signed a 99-year lease with the Railway Land Development Authority (RLDA) for a 1.06-acre plot in Egmore, Chennai. The deal marks Chennai-based firm's entry into commercial development.
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The company is planning to invest Rs 150 crore in the development of a Grade-A office complex, which will cover an area of 1.1 lakh sq. ft. After the completion of the project, DRA Homes intends to transfer ownership of the property to SME Real Estate Investment Trusts (REITs), subject to RLDA's approval. The project is envisioned to create top-tier office buildings which adhere to sustainability standards and foster a conducive work environment for businesses.
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In 2023, the office market in Chennai witnessed a surge and witnessed more than twice the leasing activity as compared to the average of the previous four years.
| Updated on: 20 - Mar - 2024
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