NEW DELHI: Chennai-based DRA Group has signed a memorandum of understanding (MoU) with the Philippines’ Balajadia Family office to establish a special purpose vehicle (SPV) platform.
This 50:50 joint venture aims to develop one million sq ft of grade-A commercial and retail spaces in Chennai and Bengaluru during the first phase, with an estimated investment of $100 million.
Ranjeeth Rathod, managing director of DRA, stated, “This collaboration allows us to combine local expertise with global capital to drive sustainable real estate growth.”
Lloyd Balajadia expressed enthusiasm, saying, “We look forward to creating landmark developments in India and exploring future collaborations that bring Indian expertise to the Philippines.”
