Realty firm DRA has acquired a 10-acre land parcel in Chennai for Rs 159 crore to develop a housing project as part of its expansion plan.

In a statement on Wednesday, the company said the land is located off Old Mahabalipuram Road near Thazhambur.

DRA will develop a housing project on this plot with an estimated revenue potential of Rs 1,200 crore. The total developable area is 1.55 million sq ft.

In the last 40 years, the company has developed many real estate projects.

According to real estate consultant Cushman & Wakefield, more than 7,700 acres of land have been acquired in deals between January 2021 and March 2026 for the development of housing projects, as realty firms look to expand their businesses amid strong demand for homes. The land deals include outright purchases as well as joint development agreements with land owners.