DRA Homes Acquires Marina Mall Residences in Chennai

Chennai, Sep 25 (PTI) Real estate developer DRA Homes has acquired the Marina Mall Residences in the city at a value of Rs 25.10 crore, a company official said on Wednesday.

The Marina Mall Residential Project funded by financial technology platform provider YuBi, is located on the Old Mahabalipuram Road (popularly known as Information Technology Corridor) in the city. It would offer unique lifestyle with integrated mall, hotel and sea-facing residences among other amenities.

While a company statement did not disclose the value of the deal, sources said, the acquisition has been done for a deal of Rs 25.10 crore and DRA Homes is expecting a revenue of Rs 153 crore from this acquisition.

The transaction allows the subscription of NCDs by retail High Networth Individuals through YuBi financial technology platform. This initiative not only facilitates investment opportunities in real estate but also signifies a new era of collaborative growth in Chennai's infrastructure, the statement said.

"We are incredibly excited to lead the residential development at Marina Mall. 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" said DRA Homes Managing Director Ranjeeth Rathod.

The Marina Mall Residential Project is set to redefine urban living in Chennai, providing residents with access to retail, hospitality and residential amenities.

"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" Rathod added.