A Landmark Cross-Border Pact
Chennai-based DRA Group and the Balajadia Family Office of the Philippines have signed a strategic cross-border agreement to jointly develop a large-scale portfolio of commercial and retail real estate in South India. The venture will be executed via a Special Purpose Vehicle (SPV) structured as a 50:50 equity partnership, marking the Balajadia family’s entry into India’s property market.
$100 Million Investment, 1M Sq Ft in Phase 1
The partners have committed an initial $100 million (₹876 crore), targeting over one million sq ft of Grade-A real estate in Phase 1. The portfolio mix will be 70% commercial (offices) and 30% retail, strategically located in Chennai’s *CBDs and *high-growth suburbs, as well as Bengaluru.
The pipeline already includes a 60,000 sq ft flagship retail development along Chennai’s OMR corridor, with further projects planned on a 1.6-acre commercial site in the city.
*CBD-Central Business District. The main commercial and financial hub of a city.In Chennai, the CBD usually refers to areas like Mount Road (Anna Salai), Nungambakkam, T. Nagar, Egmore, RK Salai, and Guindy.
*High Growth Suburbs -Suburbs that are just outside the city core but are growing fast in terms of population, jobs, infrastructure, and property demand, like OMRLeadership Views: Local Strength + Global Capital
- Ranjeeth Rathod, Managing Director of DRA Group, stated that this collaboration “combines deep local real estate expertise with Balajadia’s global capital strength to foster sustainable and institutional-grade growth within India’s commercial property market.”
- Dr. Lloyd Balajadia noted that in the future, the partnership could also take Indian real estate expertise into the Philippines. “India is one of the most exciting growth markets, and working with DRA allows us to create commercial spaces that balance innovation with local needs. This venture is not just about constructing buildings—it’s about building long-term cross-border value by combining market knowledge, cultural understanding, and strong capital. While our first focus is India, we also look forward to future collaborations that can bring Indian know-how to the Philippines,” he said.
Why This Matters: Market Context
This deal shows that investors from Southeast Asia now see South India as a safe and profitable place to put money into property. The plan is simple: focus on areas where offices and shops get rented out quickly so the buildings don’t sit empty. To reduce risk, the developers will sign up tenants even before construction is done, so there’s guaranteed income once the projects are ready.
For DRA Group, which is mainly known for housing projects, this is their big step into building large offices and malls. It puts them on the map as a serious player in the business property space.
Looking Ahead: Expansion and Growth
The joint venture is not stopping with Chennai and Bengaluru. They’re already looking at Pune as the next city to enter. By 2027, the goal is to create projects worth over ₹6,500 crore. DRA Group already has land and projects in hand to support this target.
The long-term plan is to earn steady rental income every year (over ₹250 crore) and then sell or list the properties through options like a REIT, which is similar to a property investment trust.
Verified.RealEstate’s Take
This partnership is more than just a development play — it’s a signal of global confidence in South India’s real estate. By combining local execution know-how with international capital expertise, the venture has a competitive edge in delivering institutional-quality business districts. It could also serve as a template for Indo-Philippine real estate collaborations across emerging markets.