Mindspace REIT Pre-Leases 5.3 Lakh Sq Ft to Chalet for Luxury Hotel

Mindspace Business Parks REIT has announced the pre leasing of 5.3 lakh square feet at its flagship Mindspace Madhapur campus in Hyderabad to Chalet Hotels for the development of a 330 key luxury hotel. The project will involve an estimated investment of Rs 350 crore and is expected to be completed by the fourth quarter of FY28.

The move marks a strategic step in strengthening the integrated ecosystem at Mindspace Madhapur, which is already one of Hyderabad’s largest Grade A business campuses. Spread across more than 13 million square feet of premium IT and ITeS office space, the campus houses over 100,000 professionals and features established hospitality and retail assets, creating a vibrant work and lifestyle destination.

The upcoming hotel will be developed through K Raheja IT Park Hyderabad, the asset special purpose vehicle of Mindspace REIT. While Mindspace will deliver the core and warm shell structure, Chalet Hotels will undertake the interior fit outs and manage operations. The structure clearly defines responsibilities and is designed to ensure execution efficiency.

This will be the third hotel within the campus, further deepening the integrated work stay meet ecosystem. The addition of a luxury hospitality offering is expected to enhance the premium positioning of the park and support growing demand from business travellers, corporate events and client engagements.

For Mindspace REIT, the development also represents an opportunity to diversify its tenant mix beyond traditional office occupiers. By adding hospitality to its portfolio, the REIT aims to drive long term value, improve asset utilisation and reinforce competitiveness in a dynamic commercial real estate market.

With Hyderabad continuing to attract global capability centres and technology firms, the project underlines confidence in the city’s sustained growth trajectory and evolving mixed use developments.