Mindspace Business Parks REIT has secured a significant pre-lease agreement for a 530,000 sq. ft building at its Mindspace Madhapur campus in Hyderabad. According to reports from Mint, the development involves an investment of ₹350 crore and is expected to be completed by the end of FY28. The mixed-use building will feature a 330-room luxury hotel along with ancillary commercial space, marking a major expansion of the campus's integrated business park ecosystem.
The project will be developed through Mindspace REIT's special purpose vehicle, K. Raheja IT Park (Hyderabad) Ltd (KRIT), with Chalet Hotels undertaking the interior fit-outs and operationalization of the hotel facilities. As reported by Mint, Chalet Hotels is backed by K Raheja Corp, which is also the sponsor of Mindspace REIT. This arrangement combines Mindspace REIT's development and asset management capabilities with Chalet Hotels' proven hospitality platform.
The upcoming project will be the third hotel within the Mindspace Madhapur campus, joining the existing three Westin-branded hotels and the Inorbit Mall. According to Mint, Mindspace Madhapur spans more than 13 million sq. ft of premium office space and currently hosts more than 100,000 professionals. The campus is among Hyderabad's oldest and largest integrated business park campuses, providing a strong foundation for the new luxury hotel development.
Mindspace REIT reported strong financial performance with net operating income rising 29% year-on-year to ₹671 crore in the December quarter, as reported by Mint. The REIT's portfolio comprises 31.9 million sq. ft of completed area, 3.6 million sq. ft under construction, and 3.5 million sq. ft of future development potential, across five integrated business parks and nine standalone office assets. This development aligns with the company's strategy of creating long-term value through high-quality, complementary uses within existing business parks.
