Real estate developer DRA Homes has acquired the Marina Mall Residences in Chennai at a value of ₹25.10 crore with funding facilitated by fintech platform YuBi, the company said on September 25.
The Marina Mall Residential Project funded by financial technology platform provider YuBi, is located on the Old Mahabalipuram Road (popularly known as Information Technology Corridor) in the city. It would offer a lifestyle with integrated mall, hotel and sea-facing residences among other amenities.
“The acquisition has been done for ₹25.10 crore in which YuBi contributed ₹16.50 crore. We are expecting a revenue of ₹153 crore from this acquisition,” DRA Homes Managing Director Ranjeeth Rathod told HT.com.
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About the project
Located on the Old Mahabalipuram Road, the Marina Mall project is owned by OMR Developers Private Limited. Spread across 6.58 acres, it a mixed-use development, inclusive of a 5.12-lakh square feet mall, 1.5-lakh square feet hotel, and a sea-facing residential tower spanning 1.53 lakh square feet.
Located on the Old Mahabalipuram Road, the Marina Mall project is owned by OMR Developers Private Limited. Spread across 6.58 acres, it a mixed-use development, inclusive of a 5.12-lakh square feet mall, 1.5-lakh square feet hotel, and a sea-facing residential tower spanning 1.53 lakh square feet.
The project allows the subscription of NCDs by retail high net worth individuals through YuBi financial technology platform, the company statement said.
Rathod highlighted that the company expects to secure the necessary approvals for the residential development within six months and completion of the project by 2027.
"We are incredibly excited to lead the residential development at Marina Mall. This project not only embodies our commitment to excellence and innovation in real estate but also serves as a catalyst for transforming the residential landscape of Chennai," said Rathod.
"By enabling HNIs to invest through YuBi, we are opening doors to a new wave of opportunities, fostering community growth and enhancing the lifestyle of residents in this thriving city" he added.
DRA Homes is currently present in two cities - Bengaluru and Chennai - with a footprint of over 10 million square feet, largely in the mid and upper mid residential segments.
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