Mindspace REIT Pre-Leases 5.3 Lakh Sq Ft in Hyderabad to Chalet Hotels for Luxury Property
Mindspace Business Parks REIT has pre-leased approximately 5.3 lakh sq ft of space at its Mindspace Madhapur campus in Hyderabad to Chalet Hotels Limited for development of a luxury hotel.
₹350 crore project at Mindspace Madhapur to add 330-key hotel by Q4 FY28
Hyderabad: Mindspace Business Parks REIT has pre-leased approximately 5.3 lakh sq ft of space at its Mindspace Madhapur campus in Hyderabad to Chalet Hotels Limited for development of a luxury hotel.
The project involves an estimated outlay of around ₹350 crore, including construction and approval costs, development management fee and estimated interest during construction. The development is expected to be completed by the fourth quarter of FY28.
The mixed-use development, predominantly a hotel project, will be undertaken through the REIT’s asset special purpose vehicle, K Raheja IT Park (Hyderabad) Limited. The project will comprise an approximately 330-key luxury hotel along with ancillary commercial space, subject to final design approvals.
Mindspace REIT said the addition will strengthen the integrated ecosystem of the Mindspace Madhapur campus and enhance its premium positioning. The campus currently spans over 13 million sq ft of Grade A office space and houses more than 100,000 professionals. It already includes two Westin-branded hotels and Inorbit Mall, creating a work–stay–retail environment.
The upcoming project will be the third on-campus hotel and is aimed at supporting business travel, client engagements and corporate events within the park.
Ramesh Nair, CEO and MD of K Raheja Corp Investment Managers Private Limited, acting as manager to Mindspace Business Parks REIT, said the development aligns with the strategy of strengthening business park ecosystems through complementary uses and provides revenue visibility through a long-tenure structure with built-in escalations.
Under the arrangement, K Raheja IT Park (Hyderabad) Limited will develop and deliver the core and warm shell structure, while Chalet Hotels Limited will undertake interior fit-outs and operationalisation of the hotel and associated facilities.
Chalet Hotels Limited is an owner, developer and operator of high-end hotels in India with a portfolio of over 3,300 keys across properties including JW Marriott Sahar Mumbai, The Westin Mumbai Powai Lake, The Westin Hyderabad Mindspace and Taj New Delhi, among others.
About Mindspace REIT
Mindspace Business Parks REIT, sponsored by the K. Raheja Corp group and listed in August 2020, owns office assets across Mumbai region, Pune, Hyderabad and Chennai. Its portfolio comprises 39 million sq ft of leasable area, including completed, under-construction and future development assets, with over 275 tenants across integrated business parks and independent office assets.
