CHENNAI: DRA Homes, on Monday, announced that it has acquired 3.91 acres of land at Karanai, off Old Mahabalipuram Road (OMR) in Chennai for Rs 49.70 crore, as part of its continued strategy to expand its development pipeline across the city’s high-growth residential corridors.

The company plans to develop a mid-segment residential community with an estimated inventory value of around Rs 500 crore on the site.

The acquisition forms part of DRA Homes’ broader strategy of securing well-located land parcels in emerging micro-markets with strong long-term residential demand.

The company has been steadily strengthening its development pipeline across Chennai through strategic land acquisitions in growth corridors that offer strong potential for end-user demand and long-term value creation.

The proposed development at Karanai will cater to the mid-income homebuyer segment, which continues to demonstrate strong demand in Chennai’s residential market, particularly in locations close to employment hubs along the OMR corridor.

Ranjeeth Rathod, MD, DRA Homes said, “Our strategy has been to identify emerging micro-markets early and secure well-located land parcels that allow us to create thoughtfully designed communities for aspiring homeowners.

The Karanai acquisition aligns with this approach and will further strengthen our development pipeline in Chennai.”