NEW DELHI: DRA Homes was the highest bidder and has signed a significant 99-year lease with the Railway Land Development Authority (RLDA) for 1.06-acre plot situated in Egmore, Chennai.
The company plans to invest Rs 150 crore into the development of an A-grade office complex.
Ranjeeth Rathod, managing director of the company said said, “We are thrilled to venture into commercial development with the support of RLDA.”
It aims to lease the entire building of 1.1 lakh sq ft to a single client, with a rental rate of Rs. 110 per sq ft per month.
Also, upon completion, DRA intends to transfer ownership of the property to SME Real Estate Investment Trusts (REITs), subject to approval of RLDA.
