Focus is mainly on South Chennai.. Mr. Ranjeeth Rathod, MD, DRA

An article from Our Building & Construction

Property development has been gaining momentum since the fag end of the twentieth century and has peaked during the beginning of the twenty-first century. Many property players entered this sector to capitalize on the boom it was witnessing.

Not all the players stood the ground to establish themselves as reputed companies. As the markets grew, there was a rush to reap benefit out of such development. As a result, the sector got overcrowded with many players. Yet, only a few genuinely sustained performance and growth. This was the case all over India.



In south India, DRA was one such company with a base in Bangalore, the IT Hub of the country. Pioneering residential real estate in this city, the company has developed over 10 million square feet in about 75 residential and commercial projects during its existence.
P
The company’s promoter is Dinesh Ranka and has eminent people on the board. Ranka is the chairman
of the group and his son-in-law Ranjeeth Rathod is the managing director. It has its office in Chennai and Rathod
is looking after its functioning.

DRA is a partnership of Dinesh and RAnjeeth. While Ranka is a brand for Bangalore, DRA is for Chennai. The company is a member of CREDAI (Confederation of Real Estate Developers Association of India). Rathod has strong affiliation to Chennai as Kanaiyazhi (In Tamil கணையாà®´ி) the Tamil literary monthly run by his father
reveals. Mr.Daman Prakash, who is in the business of precious metals, manages the journal through his Dasara
Trust.

Mr. Ranjeeth Rathod
An interaction with Rathod enlightens with more facts about the company. Here are some excerpts:
The Bangalore based DRA has over three decades of standing in the realty market and its brand RANKA is a household name in Bangalore.

Started in 1983, the company set its foot in Chennai in 2004 – I entered the
company at this time -and spread its wings in this metro steadfastly.

The origin of the real estate boom in Chennai was in 2003- 04 during the development of Tidel Park and OMR. Our first project was a 91-acre township developed in partnership
with L&T in Siruseri. The project called L&T Eden Park commenced operations in 2005. Acquiring land itself took three years and we accumulated land between 2005 and 2007.

We started the first phase in 2008 and completed the project comprising 656 apartments all of which were fully sold. In May 2011, we sold all the shares in that partnership and forayed into two verticals.
 
The two verticals are namely investment vertical and own development. Our project, Pristine Pavilion at Mahindra World City – starting from drawing, inception to handing over the key - is our own development. Other division makes investment in other projects.

We are doing such a project with a partner - Prestige Group in Sholinganallur-OMR Link Road. In the 19 acres-77 villas-project, we hold 49 percent stake while Prestige holds 51%.

DRA per se has two verticals – large projects on partnerships and mid- and small-size projects on our own. Now we focus more on our own projects. These projects mostly dwell on 3-5 acres and within Chennai city 0.5-1 acre.

Our focus is mainly on south Chennai. We have shortlisted certain areas in this part, namely Medavakkam, OMR and Tambaram-Selaiyur belt and Porur and Kundrathur in western Chennai. Vision of the company is to bond with the customers.
Realty space is overcrowded and highly competitive.



In such a situation, service element has become a key point. Core values will include transparency, value for money and constant innovation. Our interaction with our customers would be transparent and more open.

By constant innovation, we did not mean luxury but basic needs that everybody aspires. We need not look at granite bathrooms but can provide uPVC windows, hydro pneumatic pumps, power backup or stretcher lifts.

We concentrate on aesthetics. We do not want to go into luxury segment and we would be concentrating on affordable and mid-size segments.

We believe we should do more projects and work on low margin with more turnovers. But what will stand out along with these attributes is better service. We will move on with this motive in the next five years.
Based on this belief, we have made a mission of five million square feet development by the end of 2018. We target this year 5 lakh square feet, 1 million square feet next year, 1.25 million square feet and 1.5 million square feet in further years, and by
2018 it would be 1.70 million square feet.

We target 3 to 4 projects this year. This is in a nutshell what DRA is all about. Projects of the near future will be development of 78 villas at Siruseri on OMR and 38 villas at Medavakkam, may be within the next three months. Additionally, 198 apartments in the second phase of the Mahindra World City project will be developed.

Budget of these properties will be Rs. 20 lakh to Rs. 30 lakh for 2 BHK apartments and Rs. 45 lakh for 3 BHK at Mahindra World City. In OMR, the budget will be Rs. 65 lakh for 3-bedroom and 4-bedroom villas and it will be Rs. 85 lakh.

To the apprehension raised over sales of these properties citing Knight Frank report suggesting over 40,000 units remain unsold on the OMR, Rathod had a different view on the unsold number putting it at 10,000 and said this was only for apartments, not villas. He suggested villas are not in oversupply and demand exists."

For further details contact: Phone:
 +91- 44 – 45607827, +91- 44 – 45607828

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