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

In addition to its core activities, the group has expanded its commercial real-estate portfolio through the development of large office parks and selective acquisitions. In 2024–2025, Mindspace Business Parks REIT announced investment plans of over ₹3,500 crore for new Grade-A office projects and completed its first third-party acquisition with the purchase of the Q-City campus in Hyderabad. [3] [4] Independent market and ratings reports have noted the REIT’s sizeable Grade-A office portfolio and its contribution to the growth of institutional commercial real estate in India. [5] [6]

History

Founded in 1956 by Chandru Raheja, K Raheja Corp was formed after a split between Raheja brothers as a separate group. [7] [8] Over the years, the company expanded from residential construction to commercial offices, retail chains, hotels and eventually large-scale integrated business parks. [9] [10] Its portfolio growth accelerated in the 1990s and 2000s as liberalization spurred demand for organized retail and corporate office spaces. [11] [12]

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. [13] 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. [14] The company’s office parks have been noted for their focus on long-term leasing, development of walk-to-work ecosystems, and incorporation of certified green building standards such as LEED. [15]

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, [16] and have developed other luxury projects in Mumbai, Pune and Hyderabad. [17] In 2023–2025, the company implemented several sustainability measures across its residential and commercial projects, including on-site water-recycling systems, energy-efficient building materials and adherence to green-building standards. [18]

Hospitality

The group's hospitality business is focused on hotels and convention centers 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. 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. [19] Chalet Hotels operates an asset-heavy business model in which it owns and manages hotels alongside commercial towers and retail space, combining hospitality operations with office and leasing activities. [20] [21] Financial disclosures for FY26 show revenue contributions from both hotel operations and the company’s annuity (office leasing) segment, indicating a mixed-use asset structure within its portfolio. [22]

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. [23]

Founded in 2006, HyperCity Retail India Ltd. was part of the K Raheja Corp, which also owns Shoppers Stop. [24] In 2017, Future Group acquired HyperCity for ₹655 crore. [25]

Malls

K Raheja runs Inorbit Mall which is present in Bengaluru, Hyderabad, Pune, Navi Mumbai and Vadodara. [26] Inorbit has been cited in retail studies for contributing to the evolution of organized mall culture in India, especially during the early 2000s when large-format retail hubs began expanding in metropolitan regions. [27]

Power Distribution

K Raheja Corp invested in clean energy, it has gone partial green by successfully installing Solar rooftop plant at Mindspace Business Park, Madhapur, Hyderabad in September 2016. [28] The total installed capacity of the plant is 1.6MW which is one of the largest solar rooftop plants in Telangana. The plant has helped the environment & will continue to do so till the useful life of the plant. [29]

See also

References

  1. ↑ "K Raheja Projects - Official Website". K Raheja Corp. Archived from the original on 15 June 2024. 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. ↑ Babar, Kailash (24 July 2025). "Mindspace REIT makes first third-party acquisition with Rs 512-cr deal in Hyderabad". The Economic Times. Retrieved 8 December 2025.
  4. ↑ ET Bureau (31 January 2024). "Mindspace Business Parks REIT to invest Rs 3,500 cr to develop new office properties". The Economic Times. Retrieved 8 December 2025.
  5. ↑ "K Raheja Corp-backed Mindspace REIT marks first third-party acquisition". VCCircle. 24 July 2025. Retrieved 8 December 2025.
  6. ↑ "ICRA Rating Rationale – Mindspace Business Parks REIT" (PDF). ICRA. 30 July 2025. Retrieved 8 December 2025.
  7. ↑ Nandy, Madhurima (7 July 2008). "Realty firm B Raheja split between brothers". Livemint. Archived from the original on 12 April 2025. Retrieved 29 July 2019.
  8. ↑ "Raheja vs Raheja duel to spice up retail mart". The Economic Times. 14 April 2010. Retrieved 8 December 2025.
  9. ↑ "Meet India's 10 richest real estate developers". Hindustan Times. 10 December 2019. Retrieved 8 December 2025.
  10. ↑ Sapam, Bidya (3 May 2016). "Raheja to invest Rs2,000 crore on commercial space in Navi Mumbai". Mint. Retrieved 8 December 2025.
  11. ↑ Shekar, Anchan Divya (2022). "A study of the expansion of the organised retailing industry following liberalisation" (PDF). International Advanced Research Journal in Science, Engineering and Technology. 9 (10): 68–71. doi:10.17148/IARJSET.2022.91010 . Retrieved 8 December 2025.
  12. ↑ "Winning in India's retail sector: Factors for success" (PDF). PwC India. 2012. Retrieved 8 December 2025.
  13. ↑ Babar, Kailash (6 March 2017). "Blackstone Group eyes 15 per cent in K Raheja portfolio". The Economic Times. Retrieved 29 July 2019.
  14. ↑ "Developer K Raheja trumps Mirae to snap up Citi's prime Mumbai property". VCCircle. 4 July 2019. Retrieved 29 July 2019.
  15. ↑ "Mindspace REIT becomes first REIT to get its Net-Zero Plan assessed by Global Network for Zero". BusinessWire India. 25 September 2024. Retrieved 8 December 2025.
  16. ↑ "K Raheja Corp's Artesia: The changing face of luxury living". The Economic Times. 14 June 2018. Retrieved 29 July 2019.
  17. ↑ "K Raheja Corp unveils 'Maxima' at Pune's Raheja Vistas Premiere". Construction Week Online India. Retrieved 29 July 2019.
  18. ↑ "Mindspace Business Parks REIT – ESG Report 2024–25" (PDF). Mindspace REIT. Retrieved 8 December 2025.
  19. ↑ 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. Archived from the original on 4 November 2023. Retrieved 29 July 2019.
  20. ↑ "Chalet Hotels to add 1,000 rooms as part of aggressive expansion plan". HospitalityBizIndia. HBI. 19 December 2024. Archived from the original on 9 February 2025. Retrieved 8 December 2025.
  21. ↑ Parikh, Parth (30 September 2025). "From airport lounges to boardrooms: Why Chalet Hotels is catching investor attention". The Indian Express. Archived from the original on 30 September 2025. Retrieved 8 December 2025.
  22. ↑ Pandey, Pankaj (10 November 2025). Chalet Hotels Q2FY26 Results (Ex-residential business) (PDF) (Report). ICICI Direct Research. Archived from the original (PDF) on 26 November 2025. Retrieved 8 December 2025.
  23. ↑ Pinto, Viveat Susan (14 March 2019). "Shoppers Stop bets on beauty retail to revive growth, improve profit". Business Standard India. Retrieved 29 July 2019.
  24. ↑ "Future Retail acquires HyperCity for Rs 655 crore". The Economic Times. 5 October 2017. Retrieved 8 December 2025.
  25. ↑ "Future Retail to acquire HyperCity for Rs 655 crore". The Times of India. 6 October 2017. Retrieved 8 December 2025.
  26. ↑ "The mall story 2.0". @businessline. Retrieved 29 July 2019.
  27. ↑ "The commercialisation of shopping malls in India: from "creating" to "meeting" demand". Bagf OpenEdition. 2018. Retrieved 8 December 2025.
  28. ↑ "Mindspace REIT – Addendum to the Draft Offer Document" (PDF). HDFC Bank / Mindspace REIT. 25 June 2020. Retrieved 8 December 2025.
  29. ↑ "Mindspace Business Parks REIT – Notice and Annual Report of Second Annual Meeting" (PDF). Mindspace REIT. 6 June 2022. Retrieved 8 December 2025.
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