Last Updated on February 25, 2026 by Rajat Bhati
Mindspace Business Parks REIT, owner and developer of quality Grade A office assets, located in four key office markets of India, announced pre-leasing of a building comprising c.5.3 lakh sq.ft. of leasable area at its Mindspace Madhapur campus in Hyderabad (“Park”) to Chalet Hotels, for a luxury hotel. The project involves an outlay of c.INR 350 Cr and is expected to be completed by Q4 FY28.
This will strengthen the Park’s integrated ecosystem by enhancing its complementary offerings. The high-end luxury hotel shall also augment the Park’s premium positioning and attractiveness, reinforcing its long-term competitiveness. This is also an opportunity for Mindspace REIT to further diversify its tenant mix amongst GCCs, ITES sectors across Technology, Pharma, Oil and Gas, Data Centres, Hotels, etc.
This mixed-use development, predominantly a hotel, will be undertaken through Mindspace REIT’s Asset SPV, K. Raheja IT Park (Hyderabad) Limited (KRIT). The development will comprise a ~330-key luxury hotel along with an ancillary commercial space, subject to finalisation of designs and requisite approvals.
Mindspace Madhapur is Hyderabad’s largest Grade A integrated business campus, spanning over 13 million square feet of premium IT/ITeS office space, complemented by two Westin-branded hotels and the Inorbit Mall, creating a vibrant, self-contained ecosystem for work, hospitality, and retail. The campus houses more than 1,00,000 professionals. The upcoming development will be the third on-campus hotel, aimed at deepening the integrated ‘work–stay–meet’ ecosystem and supporting business travel, client engagements and corporate events within the campus.
“This development reflects our strategy of creating long-term value by strengthening the ecosystem within our existing business parks through high-quality, complementary uses,” said Ramesh Nair, CEO and MD, K Raheja Corp “By partnering with Chalet Hotels, we are combining our development and asset management capabilities with a proven hospitality platform. The long-tenure structure with built-in escalations provides meaningful revenue visibility, while the addition of luxury hospitality further enhances the attractiveness of Mindspace Madhapur for occupiers.”
Under the arrangement, KRIT will develop and deliver the core and warm shell structure, while Chalet will undertake all interior fit-outs and operationalisation of the hotel and associated facilities. Mindspace REIT said the structure ensures clear delineation of responsibilities and supports execution efficiency.
Chalet Hotels is a leading owner, developer, asset manager and operator of high-end hotels in India, with a portfolio of over 3,300 keys across marquee properties including Athiva Resort & Spa, Khandala; JW Marriott Sahar, Mumbai; The Westin Mumbai Powai Lake; The Westin Hyderabad Mindspace; The Westin Rishikesh; Courtyard by Marriott; and Taj, New Delhi, among others.