Chennai-based DRA Group has entered into a memorandum of understanding (MoU) with Philippines-based Balajadia Family office to create a special purpose vehicle (SPV) platform. This 50:50 joint venture will see the development of one million sq ft of grade-A commercial and retail spaces in Chennai and Bengaluru under phase-I, with an estimated investment value of $100 million. Ranjeeth Rathod, managing director, DRA said, "This collaboration allows us to combine local expertise with global capital to drive sustainable real estate growth." Lloyd Balajadia said, "We look forward to not only creating landmark developments in India but also welcoming future collaborations that bring Indian expertise to the Philippines in time."
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