K Raheja Corp-backed Mindspaces Business Park REIT plans to develop an 800,000 SqFt mixed-use project in Airoli. The project will come up at the company’s existing business park in Airoli East and will include commercial office spaces and a luxury hotel.
The proposed hotel will occupy 2.80 lakh SqFt of the total development, while 5.30 lakh SqFt will be dedicated for commercial development (Office). The company signed the Memorandum of Understanding (MoU) with Chalet Hotels on October 30. It will allow K Raheja to foster business partnerships and tenant offerings.
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In terms of development, REIT is also working on the under-construction pipeline of 2.9 Million SqFt and the demolishing work through implosion technology for the redevelopment of two buildings in Madhapur (Hyderabad). Additionally, the company also got approval from the Princeton Digital Group for the commencement of the Second Data Centre at Airoli West Park.
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