DRA Group and Balajadia Family Launch $100 Million Real Estate Platform in South India
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.
