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DRA Homes has acquired a 3.91-acre land parcel in Karanai, off Old Mahabalipuram Road (OMR) in Chennai, for INR 49.70 crore, with plans to develop a mid-segment residential project valued at around INR 500 crore. The acquisition, announced in the past week, is part of the company's strategy to expand its presence in high-growth residential corridors. The site is located near key IT hubs such as Sholinganallur, Navalur, and Siruseri, supporting sustained housing demand from professionals. The proposed development will target mid-income buyers and forms part of DRA Homes ongoing efforts to strengthen its land bank in emerging micro-markets across Chennai.
DRA Homes has acquired a 3.91-acre land parcel in Karanai, off Old Mahabalipuram Road (OMR) in Chennai in the past week for INR 49.70 crore, with plans to develop a mid-segment residential project with an estimated gross development value of approximately INR 500 crore. Advertisement
The acquisition is part of the developer's strategy to expand its footprint across Chennai's key residential corridors, particularly in areas witnessing sustained demand from end-users. The Karanai site is located along the OMR corridor, which has emerged as a major residential market due to its proximity to technology parks and business districts.
The project is expected to cater to mid-income homebuyers, a segment that continues to account for a significant share of residential demand in Chennai. The developer intends to create a community-focused housing project with a mix of efficient layouts and lifestyle amenities, aligned with evolving buyer preferences in the city's suburban micro-markets.
The location offers connectivity to established employment hubs such as Sholinganallur, Navalur, and Siruseri, which host a concentration of IT and business parks. This proximity has contributed to consistent residential absorption along the corridor, supported by employment growth and ongoing infrastructure development.
Ranjeeth Rathod indicated that the OMR corridor continues to see steady demand driven by its employment base and infrastructure improvements. He stated that the company's approach has been to identify emerging micro-markets at an early stage and secure strategically located land parcels that enable the development of residential communities for end-users.
He added that the Karanai acquisition aligns with the company's broader objective of strengthening its development pipeline in locations with strong long-term demand drivers. The planned project is expected to incorporate modern amenities and community-oriented design, targeting professionals and families working in nearby employment hubs.
In recent years, DRA Homes has been expanding its presence across Chennai through land acquisitions and project launches in emerging residential locations. The developer has focused on building a diversified portfolio across micro-markets that demonstrate consistent housing demand and infrastructure-led growth.
The OMR corridor has witnessed sustained real estate activity, supported by improvements in road connectivity, social infrastructure, and the expansion of IT and commercial developments. This has resulted in a steady pipeline of residential projects catering to a range of buyer segments, particularly mid-income households.
The proposed development at Karanai is expected to add to the supply of organised housing in the corridor, with the developer aiming to leverage location advantages and market demand. Further details on project configuration and launch timelines are likely to be announced as the development progresses.
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