K Raheja Corp

Last updated

K Raheja Corp
Industry Real estate
Founded1956
FounderChandru Lalchand Raheja
Headquarters Mumbai, Maharashtra India
Area served
India
Key people
Ravi Chandru Raheja, Neel Chandru Raheja
Products
  • Residential
  • Commercial
  • Hospitality
  • Malls
Website krahejaprojects.com

K Raheja Corp is a property developer in India with interests in commercial and residential projects, malls and hospitality across multiple cities in the country. [1] It owns the brands Mindspace, Commerzone, Crossword Bookstores and Shoppers Stop, and is the second largest commercial developer in India. Under the Mindspace banner, K Raheja Corp also operates Mindspace Office Parks, which is a real estate investment trust (REIT). [2]

Contents

History

Founded in 1956 by Chandru Raheja, K Raheja Corp was formed after a split between Raheja brothers as a separate group. [3]

Projects

Commercial

K Raheja Corp operates its commercial business under the brands Mindspace and Commerzone with projects in Mumbai, Hyderabad, Pune and Chennai. As of 2017, K Raheja Corp had 20 million square feet (1.9 million m2) of office space, making it the second largest commercial developer in the country. [4] The real estate group is leading the process of buying Citi Centre, a 100,000 sq ft (9,300 m2) commercial property in Bandra Kurla Complex, Mumbai, which housed the headquarters of Citibank. [5]

Residential

The residential business of K Raheja Corp spans multiple projects in Mumbai, Pune and Hyderabad. The group has commenced luxurious residential projects like Artesia and Vivarea in Mumbai, [6] and have developed other luxury projects in Mumbai, Pune and Hyderabad. [7]

Hospitality

The group's hospitality business is focused on hotels and convention centres for business and leisure needs. K Raheja Corp promotes Chalet Hotels   a high end hotel chain in India with established global brands such as Sheraton (Starwood Hotels and Resorts), Westin and JW Marriott. [8] In 2017, the Group declared plans to invest ₹ 3000 crores over 4–5 years to double its current portfolio of 2,800 rooms, and touch other tier 1 cities like Bengalaru, Goa, NCR and Pune. [9]

Retail

Multi-brand lifestyle store Shoppers Stop and its subsidiary bookstore company Crosswords are part of K Raheja Corp. The ₹5,113 crore company Shoppers Stop has currently been reviving its model to improve profit in its businesses to compete with online marketplaces. [10]

Founded in 2006, HyperCity Retail India Ltd. was part of the K Raheja Corp, which also owns Shoppers Stop. In 2017, Future Group acquired HyperCity for ₹655 crore.

Malls

K Raheja runs Inorbit mall which is present in Bengaluru, Hyderabad, Pune, Navi Mumbai and Vadodara. [11]

Power Distribution

K Raheja Corp invested in clean energy, it has gone partial green by successfully installing Solar roof top plant at Mindspace Business Park, Madhapur, Hyderabad in September 2016. The total installed capacity of the plant is 1.6MW which is one of the largest solar roof top plants in Telangana. The plant has helped the environment & will continue to do so till useful life of the plant.

See also

Related Research Articles

Shoppers Stop is an Indian department store chain, owned by the K Raheja Corp. There are 108 stores across 45 cities in India, with clothing, accessories, handbags, shoes, jewellery, fragrances, cosmetics, health and beauty products, home furnishing, and decor products. Shoppers Stop is listed on the BSE and NSE.

Housing Development and Infrastructure Limited, doing business as HDIL, is an Indian real estate development company based in Mumbai.

<span class="mw-page-title-main">Economy of Maharashtra</span>

The economy of the state of Maharashtra is the largest in India. Maharashtra is India's second most industrialised state contributing 20% of national industrial output. Almost 46% of the GSDP is contributed by industry. Maharashtra has software parks in many cities around the state, and is the second largest exporter of software with annual exports over 80,000 crores.

<span class="mw-page-title-main">Andhra Pradesh Industrial Infrastructure Corporation</span> Andhra Pradesh Government initiative

Andhra Pradesh Industrial Infrastructure Corporation Ltd also known as APIIC is an Andhra Pradesh Government initiative for providing infrastructure through development of industrial areas.

<span class="mw-page-title-main">Inorbit Mall</span> Shopping mall in Hyderabad; , Vadodara

Inorbit Mall is a subsidiary of K. Raheja Corporation which runs shopping malls in various parts of India. The first Inorbit Mall opened in 2004, in Malad, Mumbai. This is the fourth oldest shopping mall in Mumbai, from Infiniti Mall of Andheri, R Mall of Mulund, and Crossroads of South Mumbai. Inorbit Malls launched their second property in Vashi, Navi Mumbai, in October 2008; third in Cyberabad, Hyderabad in October 2009; fourth in Vadgaon Sheri, Pune in May 2011 which was closed down in November 2016; fifth in Whitefield, Bangalore on 15 September 2012 and sixth in Vadodara on 5 September 2013.

<span class="mw-page-title-main">Raheja Mindspace</span> Brand of commercial and industrial parks

Mindspace is a brand of commercial and industrial parks established by K Raheja Corp. Located in Mumbai, Hyderabad, Chennai and Pune, the industrial hubs offer offices, residential towers, entertainment facilities and other retail businesses. By 2016, the parks developed by Mindspace housed more than 50 businesses in India, including Accenture, L&T Infotech Ltd, Cognizant Technology and Capegemini Group.

<span class="mw-page-title-main">CapitaLand</span> Singaporean real estate organisation

CapitaLand is a Singaporean headquartered company focusing on investment, development and management of real estate. It has locations in more than 260 cities in over 40 countries.

<span class="mw-page-title-main">The Park (residential project)</span> Luxury Residential Skyscrapers in Mumbai, Mumbai

Lodha Park is an 18.5-acre (7.5 ha) luxury residential skyscraper project which was developed by the Lodha Group in the upscale Lower Parel neighborhood of Mumbai, Maharastra, India. The land for the project was purchased from DLF Limited in 2012 for approximately 2,800 crore. Lodha Park consists of 5 towers, each standing 268 meters tall and with 76 floors. Lodha Park Towers were the tallest buildings in India from 2019 to 2020, until surpassed by World One in 2020, which in turn was surpassed by Lokhandwala Minerva in 2023. The towers are currently the 6th tallest buildings in India.

<span class="mw-page-title-main">Chandru Raheja</span> Indian businessman and billionaire

Chandru Lachmandas Raheja is an Indian billionaire businessman, and the chairman of K Raheja Corp which is involved in developing IT parks, hotels, malls, and running department store chains including Shoppers Stop.

Lachmandas S. Raheja was an Indian businessman.

<span class="mw-page-title-main">Embassy Group</span> Privately-held real estate developer based in Bengaluru, India

Embassy Group or Embassy Property Developments Pvt. Ltd is a privately held real estate developer based in Bengaluru, Karnataka, India established in 1993. The group is into real estate development for verticals like commercial, residential, hospitality, industrial warehouse spaces, services, retail and education. The company has developed projects in many Indian cities like Bengaluru, Chennai, Hyderabad, Pune, Coimbatore, Trivandrum etc. and two countries abroad. Embassy Group is headed by Jitu Virwani, Chairman & Managing Director of the group. Embassy also operates a real estate investment trust (REIT), called Embassy Office Parks REIT. Embassy Office Parks is the first listed REIT in India and the Asia's largest office REIT by area.

<span class="mw-page-title-main">Raidurg metro station</span> Metro station in Hyderabad, India

Raidurg is a metro station located on the Blue Line of the Hyderabad Metro India. The station was opened on 29 November 2019, two years after first commercial operation of Hyderabad metro started. It is located near Raheja Mindspace Junction. Raidurg metro station is the busiest metro station in Hyderabad with daily footfalls of around 60,000 commuters. In February 2020, Synchrony Financial became the sponsor of the Raidurg metro station, under semi-naming policy of Hyderabad metro to generate non-fare revenues.

<span class="mw-page-title-main">Lodha Group</span> Indian real estate company

Lodha or Macrotech Developers is an Indian multinational real estate company and construction company headquartered in Mumbai, India. It was founded in 1980 by Mangal Prabhat Lodha. It has developed residential and commercial properties in Mumbai, Thane, Hyderabad, Pune and London.

<span class="mw-page-title-main">RMZ Corp</span> Indian real estate company

RMZ is a privately-owned global alternative asset owner, headquartered in Bengaluru, Karnataka ,India. The company has developed projects in multiple cities in India, including Bengaluru, Chennai, Hyderabad, Delhi NCR, Pune, and Mumbai The company has a portfolio of real assets spanning a total of 70 million square feet.

The Hyderabad Airport Express Metro or Corridor IV was a planned Hyderabad Metro line from Raidurg metro station to Rajiv Gandhi International Airport. The total length of the line is 31 km (19 mi). Hyderabad Airport Express Metro is fully funded by Government of Telangana through the engineering, procurement and construction (EPC) mode. As of December 2023, Union Government is yet to provide in principle approval for this project.

K. Raheja Realty is an Indian real estate company, headquartered in Mumbai, Maharashtra. The company was founded in 1956 and is led by Sandeep Raheja, who serves as both the chairman and managing director. K. Raheja has diversified interests in real estate including both commercial and residential property development, as well as malls and hospitality. The company owns a subsidiary called Infiniti Mall, which operates a chain of shopping malls in India. The first Infiniti Mall opened in 2004, followed by another one in Mumbai in 2011.

Chalet Hotels Limited is an Indian hotel chain company founded in 1986 and part of K Raheja Corp. It owns, develops, and manages assets and a hotel-led mixed-use developer in metro cities in Mumbai, Hyderabad, Bengaluru, and Pune. It currently manages upscale hotels like JW Marriott Mumbai Sahar, Four Points by Sheraton Navi Mumbai, The Westin Hyderabad Mindspace, Bengaluru Marriott Hotel Whitefield, and The Westin Mumbai Powai Lake.

References

  1. "K Raheja Projects - Official Website". K Raheja Corp. Retrieved 29 July 2019.
  2. PTI (11 January 2022). "Blackstone sells stake for Rs 1,740 cr in Mindspace Business Parks REIT". Business Today. Retrieved 4 May 2022.
  3. Nandy, Madhurima (7 July 2008). "Realty firm B Raheja split between brothers". Livemint. Retrieved 29 July 2019.
  4. Babar, Kailash (6 March 2017). "Blackstone Group eyes 15 per cent in K Raheja portfolio". The Economic Times. Retrieved 29 July 2019.
  5. "Developer K Raheja trumps Mirae to snap up Citi's prime Mumbai property". VCCircle. 4 July 2019. Retrieved 29 July 2019.
  6. "K Raheja Corp's Artesia: The changing face of luxury living". The Economic Times. 14 June 2018. Retrieved 29 July 2019.
  7. "K Raheja Corp unveils 'Maxima' at Pune's Raheja Vistas Premiere". Construction Week Online India. Retrieved 29 July 2019.
  8. "K Raheja's hotel arm Chalet Hotels plans to raise INR 2,000 crore from IPO". Hospitality Biz India. Retrieved 29 July 2019.
  9. Babar, Kailash; Chaturvedi, Anumeha (7 July 2017). "K Raheja Corp's Chalet Hotels may invest Rs 3000 crore to double hotel rooms". The Economic Times. Retrieved 29 July 2019.
  10. Pinto, Viveat Susan (14 March 2019). "Shoppers Stop bets on beauty retail to revive growth, improve profit". Business Standard India. Retrieved 29 July 2019.
  11. "The mall story 2.0". @businessline. Retrieved 29 July 2019.