Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
Mindspace Business Parks REIT is investing INR 350 crore to develop a 330-key luxury hotel at its Mindspace Madhapur campus in Hyderabad, pre-leased to Chalet Hotels Ltd. The project will occupy 5.3 lakh sq ft and is expected to be completed by the fourth quarter of 2027-28, including ancillary commercial space. Mindspace Madhapur is a 13 million sq ft IT/ITeS hub with Westin hotels and the Inorbit Mall. The REIT, backed by K Raheja Corp, manages 39 million sq ft of office assets across multiple Indian cities.
Mindspace Business Parks REIT has announced plans to develop a luxury hotel in Hyderabad with an investment of INR 350 crore. The hospitality project, which includes 339 keys, has already been pre-leased to Chalet Hotels Ltd. Advertisement
According to a regulatory filing earlier this week, the company confirmed that a building of 5.3 lakh sq ft of leasable space at its Mindspace Madhapur campus has been leased to Chalet Hotels for the luxury hotel project. The development is expected to be completed by the fourth quarter of 2027-28. The hotel will feature 330 keys along with ancillary commercial space.
Mindspace Madhapur spans over 13 million sq ft of premium IT and ITeS office space and is complemented by two Westin-branded hotels and the Inorbit Mall. Ramesh Nair, CEO and MD of K Raheja Corp Investment Managers Pvt Ltd, stated that partnering with Chalet Hotels combines Mindspace's development and asset management expertise with an established hospitality platform. He added that the long-tenure lease with built-in escalations provides revenue visibility, while the addition of luxury hospitality further strengthens Mindspace Madhapur's appeal for occupiers.
Under this arrangement, Mindspace REIT's special purpose vehicle will develop and deliver the core and warm shell of the building, while Chalet Hotels will manage all interior fit-outs and operational aspects of the hotel and associated facilities. Chalet Hotels currently has a portfolio of over 3,300 keys across India.
Mindspace Business Parks REIT, backed by the K Raheja Corp group, was listed on Indian stock exchanges in August 2020. Its portfolio includes office assets in Mumbai, Pune, Hyderabad, and Chennai, totaling 39 million sq ft of leasable space, with 31.9 million sq ft already completed. The REIT's holdings include five integrated business parks and nine independent office assets.
Source PTI
FAQ
1. What is the scale of the Mindspace luxury hotel project?
The project involves developing a 330-key luxury hotel across 5.3 lakh sq ft of leasable space. Along with the main hotel, it includes ancillary commercial areas to provide complementary services. Construction is expected to be completed by the fourth quarter of 2027-28, adding a premium hospitality offering to the Mindspace Madhapur campus.
2. Who will operate the hotel?
Chalet Hotels Ltd has pre-leased the property and will handle all interior fit-outs, operations, and management of the hotel. Mindspace REIT's role is limited to developing the core and warm shell of the building, ensuring a seamless handover for operational readiness.
3. How does the project fit within Mindspace Madhapur?
Mindspace Madhapur is a 13 million sq ft IT/ITeS campus with existing amenities including two Westin hotels and the Inorbit Mall. The luxury hotel will enhance the campus ecosystem, providing premium accommodation for corporate clients, visitors, and employees, further strengthening its position as a leading business and commercial hub in Hyderabad.
4. What is the investment and revenue structure?
Mindspace Business Parks REIT is committing INR 350 crore for the development. The long-term lease agreement with Chalet Hotels comes with pre-determined escalations, offering stable, predictable rental income and enhancing the REIT's overall revenue visibility and financial planning.
5. Who backs Mindspace Business Parks REIT?
The REIT is backed by K Raheja Corp and has a diversified portfolio of 39 million sq ft of office assets across Mumbai, Pune, Hyderabad, and Chennai. Its holdings include five integrated business parks and nine independent office properties, providing a mix of premium commercial and IT/ITeS space.
6. What is the significance of the partnership with Chalet Hotels?
Partnering with Chalet Hotels, an established hospitality operator with over 3,300 keys across India, allows Mindspace REIT to leverage professional hotel management expertise while focusing on its core strength of development and asset management. This collaboration ensures operational efficiency, high service standards, and increased value for both tenants and investors.
7. How will this project benefit occupiers and stakeholders?
The addition of a luxury hotel will enhance Mindspace Madhapur's attractiveness for IT/ITeS clients and multinational corporations. It also strengthens the campus ecosystem by offering high-quality accommodation, ancillary services, and hospitality infrastructure, thereby increasing long-term occupancy appeal and generating stable returns for REIT stakeholders.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
