DRA Properties charts ₹2000 cr plan for FY25

DRA Properties has proposed an funding plan of ₹2,000 crore for 2024-25 as the actual property developer has deliberate to launch new initiatives within the coming months.

It has made an preliminary funding dedication of ₹500 crore within the Chennai actual property market.

The corporate will deal with the mid-segment, starting from ₹50 lakh to ₹2 crore, and also will introduce business improvement, villas and structure inventory as a part of its gross sales plan from FY2024-25 onwards. The proposed outlay might be funded by additional fairness, inside accruals, household workplace investments and structured debt, in keeping with an announcement.

“We consider that the Chennai market has hit the inflection level of strong business and residential demand this yr after document 10.6 million sq. ft business absorption in 2023,” Ranjeeth Rathod, Managing Director, DRA Properties stated.

“Over the following 3-4 months, the corporate is planning to launch a number of villa and condo initiatives in areas like Karanai, Madambakkam, Madhavaram, Moolakadai, Egmore, OMR in Chennai with a complete saleable space of 1.2 million sq. ft.