DRA Group, Philippines’ Balajadia Family Office Join Forces for $100 Mn Commercial Project in India

DRA Group, an Indian real estate development firm situated in Chennai, has formed a strategic joint venture along with the Balajadia Family Office from the Philippines to co-develop a large commercial and retail project in India.

The partnership would see 1 million sq. ft. of Grade-A space being created in the first phase, with the announcement being made during the Philippines-India Business Forum in Bengaluru. The project, estimated at USD 100 million (about ₹835 crore), will be executed via a newly constituted Special Purpose Vehicle (SPV) with equal stakeholding by both partners.

While the mooted location and launch of the project are being kept under wraps, sources indicate that the proposed development will attempt to harness high-growth urban corridors demonstrating an acute demand for premium office and retail space.

This Memorandum of Understanding is another very significant step in the real estate bilateral relationship between India and Southeast Asia. More and more, overseas family offices and private capital are eyeing the commercial property market in India, encouraged by steady demand in all major cities, coupled with improving regulatory frameworks.

Ranjeeth Rathod, Managing Director of DRA Group, pointed out that this union combines the local market skills from DRA with the international investment power of the Balajadia Family Office. “This is going to deliver world-class infrastructure. This is an example of what global-local partnership models could do to boost India’s contemporary commercial ecosystem,” he noted.

Known for its diversified Southeast Asian portfolio, the Balajadia Family Office is marking its major entry into Indian real estate with this project. Observers of the industry view this as a major vote of confidence toward India’s economic outlook, particularly within the Grade-A commercial sector that has seen steady inflows of global capital.

The deal shows another trend: the unprecedented urban office absorption in India in the past few years has prompted most developers to seek international partners to meet demand. Retail spaces in prime locations across Indian cities have started coming back to life with the growing consumer spending and the increasing presence of international brands.

If it goes through, it would represent a level of cross-border collaboration hitherto unseen in Indian real estate whereby the DRA-Balajadia project would set new benchmarks, not only for the square footage provided but also to substantiate that the premium commercial market of the country is firmly on the global investment map.