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
E - mail: admin@draestates.com
Web site: www.draestates.com,
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