City-based realty developer DRA Homes (DRA) has drawn up ambitious plan to achieve a turnover of ₹1,000 crore in the next few years by entering Pune and strengthening existing markets, said a top executive.
“To achieve the said target, we will be foraying into Pune next fiscal and by strengthening our footprints in Chennai and Bengaluru markets. At the same time, we are opening a marketing office in Dubai,” said its Managing Director Ranjeeth Rathod.
The 40-year-old firm, which has its beginning from Bengaluru under Ranka Builders, entered Chennai market during 2013. Till date, it has developed collectively 10 million sq.ft of residential space and clocked a turnover of ₹300 crore in FY24.
“For the next three years, we are aiming to hit a turnover of ₹500 crore, ₹700 crore and ₹1,000 crore respectively.
DRA develops residential houses for mid-segment and upper mid-segment ranging from ₹75 lakh to ₹1.50 crore. It has 3% market share in Chennai residential market valued at ₹18,000-20,000 crore.
“By FY27, we plan to take our market share in Chennai to 5%. To accelerate the growth, we have appointed actress Rashmika Mandanna as national brand ambassador,” he said.
As of now, DRA has nine ongoing and six upcoming projects in Chennai. It would lead to addition of 2.7 million sq.ft of saleable area. By FY27, the company plans to have an inventory of ₹4,000 crore or 5.3 million units.
Asked about the capex, he said they would require ₹1,000 crore, which would be met through internal accruals, equity and debt. The company is not in a rush to tap the capital market, he said.
Published – November 29, 2024 10:02 pm IST
