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Chennai-based DRA Group has entered into a strategic joint venture with the Philippines-based Balajadia Family Office to develop a large-scale commercial and retail project in India. The collaboration, sealed during the Philippines-India Business Forum in Bengaluru, will see the development of one million square feet of Grade-A space in the first phase. The project is being launched with an estimated investment of USD 100 million and will be carried out through a specially created SPV platform.
Chennai-headquartered real estate developer DRA Group has announced a cross-border partnership with the Balajadia Family Office from the Philippines to co-develop a premium commercial and retail project in India. The deal, backed by an estimated USD 100 million in investment, marks a significant step in strengthening real estate ties between India and Southeast Asia. Advertisement
The Memorandum of Understanding was signed during the Philippines-India Business Forum held in Bengaluru. The MoU outlines the development of one million square feet of Grade-A commercial and retail space under the initial phase of the project.
Both entities will hold an equal stake in the venture, which will be executed through a dedicated special purpose vehicle (SPV). The project reflects a broader trend of overseas family offices and private capital exploring investment opportunities in India's real estate sector especially in prime commercial assets which continue to attract global interest.
Commenting on the partnership, Ranjeeth Rathod, Managing Director of DRA Group, noted that the tie-up merges local market knowledge with international investment capacity to fuel sustainable growth in the sector. He expressed confidence that this collaboration will serve as a template for future global-local partnerships aimed at expanding India's modern commercial infrastructure.
The Balajadia Family Office has been known for its diversified investments across Southeast Asia. Their foray into the Indian commercial real estate market through this partnership signals growing confidence in India's economic potential and regulatory environment, especially in the commercial real estate segment, which has seen consistent demand in major urban hubs.
While the details of the project's location or timelines are yet to be disclosed, sources indicate that the focus will likely be on high-growth urban corridors where demand for Grade-A office and retail spaces continues to outstrip supply.
Source PTI
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