Mindspace REIT pre-leases 5.3 lakh sq ft in Hyderabad to Chalet for hotel
Mindspace REIT pre-leases 5.3 lakh sq ft in Hyderabad to Chalet for hotel

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Mindspace REIT pre-leases 5.3 lakh sq ft in Hyderabad to Chalet for hotel

Mindspace Business Parks REIT has pre-leased a 5.3 lakh square feet building at its Hyderabad campus to Chalet Hotels to develop a luxury hotel, said the real estate investment trust on Wednesday.

The project in Mindspace Madhapur involves an investment of Rs 350 crore by the REIT and is expected to be completed by the fourth quarter of FY28.

 The mixed-use project will be undertaken through Mindspace REIT’s asset special purpose vehicle, K Raheja IT Park (Hyderabad) Limited (KRIT). It will comprise a 330-key luxury hotel along with ancillary commercial space, subject to final design approvals and statutory clearances.

Mindspace Reit said the addition of a high-end hotel will enhance the campus’s premium positioning and long-term competitiveness. The move is also aimed at diversifying the tenant mix across global capability centres (GCCs), information technology-enabled services (ITeS), and sectors such as technology, pharmaceuticals, oil and gas, data centres and hospitality.

 Mindspace Madhapur is Hyderabad’s largest grade A integrated business campus — spanning over 13 million square feet of IT and ITeS office space. The campus already houses two Westin-branded hotels and an Inorbit Mall.

“This development reflects our strategy of creating long-term value by strengthening the ecosystem within our existing business parks through high-quality, complementary uses,” said Ramesh Nair, chief executive officer and managing director, K Raheja Corp Investment Managers, which manages Mindspace Business Parks Reit.

“By partnering with Chalet Hotels, we are combining our development and asset management capabilities with a proven hospitality platform. The long-tenure structure with built-in escalations provides meaningful revenue visibility, while the addition of luxury hospitality further enhances the attractiveness of Mindspace Madhapur for occupiers,” Nair said.

Under the agreement, KRIT will develop and deliver the core and warm shell structure, while Chalet Hotels will undertake interior fit-outs and operationalise the hotel and associated facilities. Mindspace Reit said the structure ensures a clear delineation of responsibilities and supports efficient execution.

 Chalet Hotels, the hospitality arm of K Raheja Corp, is a listed owner, developer and operator of high-end hotels in India, with a portfolio of over 3,300 keys.

Source: Business Standard

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