Mindspace REIT to develop 8 lakh sq ft property with luxury hotel in Mumbai's Airoli business park
Mindspace Business Parks REIT is planning to develop a mixed-use property spread over 8 lakh sq ft including commercial offices and a luxury hotel at its existing business park in Mumbai region’s Airoli east locality.
Of the total development, 5.30 lakh sq ft will be earmarked for office development and 2.80 lakh sq ft will be set aside for an upscale hotel. On Monday, the REIT received an approval from its board to ink a long-term lease with group company Chalet Hotels for this property.
“Our memorandum of understanding (MoU) with Chalet Hotels for the mixed-use development, enhances tenant offerings and fosters business synergies,” said Ramesh Nair, Chief Executive Officer, K Raheja Corp Investment Managers, manager to Mindspace REIT.
In terms of development, the REIT is actively working on an under-construction pipeline of 2.9 million sq ft.
In addition to this, redevelopment of two buildings in Hyderabad’s Madhapur locality has started with demolition of these buildings through implosion technology recently making way for the new development of 1.6 million sq ft.
The REIT has also received approval from Princeton Digital Group for commencement of the second data centre in its Airoli west park.
For the quarter ended September, Mindspace Business Parks REIT has recorded gross leasing of nearly 8 lakh sq ft, taking its cumulative leasing in the first half of the financial year to 1.1 million sq ft. The REIT increased its in-place rents by 6.4% from a year ago to Rs 67 per sq ft a month.
“We've had a good quarter in terms of NOI growth.
India's tech prominence and growing office space demand, driven by GCCs, is promising and the IT industry considering return to a 5-day office week is encouraging. While short-term
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