DRA Homes Acquires Marina Mall Residences for Rs 25.10 Crore

DRA Homes acquired Marina Mall Residences for Rs 25.10 crore with funding from YuBi Financial Technology. The project on Old Mahabalipuram Road offers integrated amenities, aiming for Rs 153 crore revenue. NCDs via YuBi enable HNIs' investment, boosting Chennai's urban living landscape, according to MD Ranjeeth Rathod.

Real estate developer DRA Homes has acquired the Marina Mall Residences in a high-value transaction of Rs 25.10 crore, confirmed a company official on Wednesday.

The Marina Mall Residential Project, funded by financial technology platform YuBi, is strategically positioned on Old Mahabalipuram Road, known as the Information Technology Corridor. The project promises an unparalleled lifestyle featuring an integrated mall, hotel, and sea-facing residences, among other high-end amenities.

Although the company did not officially disclose the deal's value, insider sources revealed the acquisition amount, with DRA Homes projecting revenues of Rs 153 crore from this venture.

The deal includes the subscription of Non-Convertible Debentures (NCDs) by retail high-net-worth individuals through YuBi's platform, marking a transformative step in Chennai's infrastructure development

''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.

Additionally, the Marina Mall Residential Project aims to redefine urban living standards in Chennai by providing comprehensive access to retail, hospitality, and residential facilities.

''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.