DRA Homes, a prominent real estate developer, has successfully acquired the Marina Mall Residences in Chennai for Rs 25.10 crore, as confirmed by a company official on Wednesday. This acquisition is a significant step for DRA Homes as it continues to expand its portfolio in the real estate market.
Project Overview
The Marina Mall Residential Project, which is financed by YuBi, a financial technology platform provider, is strategically located on Old Mahabalipuram Road, also known as the Information Technology Corridor of Chennai. The project is designed to offer a unique lifestyle that includes an integrated mall, hotel facilities, and sea-facing residences, along with various modern amenities.
Expected Revenue
Although DRA Homes did not officially disclose the transaction value of Marina Mall deal, sources have confirmed the acquisition at Rs 25.10 crore. The company anticipates generating a revenue of Rs 153 crore from this project. Additionally, the acquisition facilitates the subscription of Non-Convertible Debentures (NCDs) by retail High Networth Individuals (HNIs) through the YuBi platform. This initiative aims to provide investment opportunities in real estate while promoting collaborative growth within Chennai’s infrastructure.
Commitment to Innovation
Ranjeeth Rathod, Managing Director of DRA Homes, expressed enthusiasm for leading the residential development at Marina Mall. He stated, “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.”
Redefining Urban Living
The Marina Mall Residential Project is set to redefine urban living in Chennai, offering residents a blend of retail, hospitality, and residential amenities. Rathod further added, “By enabling 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.”
