Page 27 - Construction_Opportunities_June_2024

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DRA HOMES ANNOUNCES UPSCALE APARTMENT an ideal location for the new development.
PROJECT IN CHENNAI “We are thrilled about our latest project in
DRA Homes, a real estate developer in Chennai, has announced OMR. The sea-view apartments will offer an
plans to develop 400 upscale sea-view apartments on OMR in unparalleled living experience, combining CONSTRUCTION
Chennai. The project follows the company’s acquisition of 3.43 luxury with a unique lifestyle experience,”
acres of prime land in Navalur. Spread over 7 lakh square feet, said Ranjeeth Rathod, Managing Director
DRA Homes aims to launch the project in the first quarter of 2025, of DRA Homes.
according to a company statement. Navalur, known for its dense With this new project, DRA Homes is
population and ecosystem of office spaces, residential areas, projected to generate a top-line of `650 crore over the next four
retail outlets, schools, colleges, and hospitals, is expected to be years.
ESR ACQUIRES ADDITIONAL 27 ACRES IN CHENNAI’S Oragadam-Sriperumbudur precinct, which has witnessed
ORAGADAM TO EXPAND INDUSTRIAL PARK. robust demand for Grade A industrial buildings in the past two
Asia Pacific-focused real estate services and investment major years. In addition, sizable contiguous land parcels are scarce
ESR Group has acquired additional 27 acres of land to expand in Oragadam, making ESR’s industrial and Logistics Park highly
its industrial and logistics park in Chennai’s Oragadam. With valuable.
this acquisition, the expanded area of ESR Oragadam Industrial ESR Oragadam is strategically located along State Highway 48,
& Logistics Park will now span 107 acres with a development with multimodal connectivity by air, road, rail, and sea, as well
potential of 2.5 million sq ft. as access to three major ports aiding international trade.
The Hong Kong Stock Exchange-listed company will be investing Tamil Nadu boasts the second-largest industrial base in the
over `276 crores for the construction and development, including country with Oragadam being a leading manufacturing
land cost, of the additional space at this warehousing hub. destination for automobile, auto ancillary, defense, electronics,
This latest expansion builds upon the delivery of ESR Oragadam’s renewable energy, and aerospace. This well-developed hub
first two phases, which counts many key occupiers including caters to a diverse range of customers, such as Daimler,
electromechanical solutions provider CUBIC, automotive Royal Enfield, Apollo Tyres and Komatsu, alongside leading
research and development firm A2Mac1, and specialty labelling manufacturers in electronics and engineering.
company CCL. ESR Group is Asia-Pacific’s leading new economy real asset
“ESR’s expansion in Oragadam is a pivotal step in our support manager and one of the largest listed real estate investment
for Tamil Nadu’s commitment to becoming a major industrial managers globally.
hub. This project transcends Grade A ESR India is a part of ESR Group, Asia-Pacific’s leading real asset
industrial buildings. By upgrading the manager for new economy sectors like logistics, manufacturing,
supply chain with modern infrastructure, data centres, life sciences, infrastructure, and renewables. ESR
we are empowering a new era of India manages 22 industrial and logistics parks with a total assets
advanced manufacturing and logistics under management of $1.7 billion and a gross floor area of 2.8
for customers and communities. This million sq meters as of December.
expansion positions ESR as a contributor With an upsurge in the share of organised retail and
to Tamil Nadu’s industrial transformation,” said Abhijit Malkani, e-commerce, supported by emerging sectors such as electric
CEO of ESR India. vehicles and semiconductors, the industrial and logistics
According to him, integrating green building practices and asset class is expected to outperform other real estate and
sustainable infrastructure into the project’s design will enable infrastructure asset classes in the medium term.
businesses to operate efficiently while minimising their In India, a favourable regulatory environment, along with the
environmental impact. government’s support through policy and reforms, has started to
The company’s additional investment will provide the opportunity boost spending in infrastructure and in turn the overall demand
for other major customers to establish their operations in the for modern warehousing.

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