The REIT has entered into agreements to acquire 100% equity shareholding in Sycamore Properties Private Limited and Content Properties Private Limited, which together own ~2.6 million sq. ft. of office space at Commerzone Pallikaranai, located on the strategic Pallavaram–Thoraipakkam Road (PTR) corridor in Chennai.

The transaction has been approved by the Board of the Manager to Mindspace REIT and will be partly funded through a preferential issue of units worth up to ₹675 crore, subject to regulatory and unitholder approvals.

Strategic Expansion in Chennai

This acquisition marks Mindspace REIT’s second deal in Chennai post-listing, underlining its continued focus on strengthening presence in key office markets across India.

With this addition, the REIT’s total acquisitions since listing have reached:

• ~6.6 million sq. ft.
• ~₹8,800 crore in gross asset value (GAV)

The expansion remains geographically diversified across Mumbai, Hyderabad, Pune, and Chennai, enhancing portfolio resilience and reducing market concentration risks.

Asset Details and Market Positioning

The acquired asset, Commerzone Pallikaranai, is a campus-style Grade-A office development spread across 12.4 acres. It is strategically positioned in one of Chennai’s most preferred office corridors, which has emerged as a hub for IT/ITeS and Global Capability Centres (GCCs).

Key highlights of the asset:

• Premium office campus with modern infrastructure
• Designed for large corporates and multinational tenants
• Strong sustainability profile with IGBC Platinum and WELL Platinum certifications
• Located in a high-demand micro-market with strong leasing potential

Sponsor Pipeline Advantage

The transaction has been executed under the Right of First Offer (ROFO) agreement with sponsors K Raheja Corp, making it the fifth acquisition from the sponsor pipeline.

This highlights a key structural advantage for Mindspace REIT:

• Strong visibility of future acquisitions
• Ability to scale through sponsor-led opportunities
• Flexibility to evaluate third-party deals alongside

Valuation and Pricing Insight

The acquisition price of ₹2,541 crore represents a 3.4% discount to the average of two independent valuations, indicating a value-accretive deal for unitholders.

Additionally, the preferential issue is priced at ₹484.89 per unit, aligning with current market benchmarks.

Growth Strategy in Focus

Mindspace REIT’s strategy continues to focus on:

• Acquiring high-quality Grade-A assets
• Expanding in key office markets
• Maintaining disciplined capital allocation
• Targeting assets with strong leasing demand (GCCs & corporates)

The Chennai acquisition strengthens its positioning in a city that is increasingly attracting global occupiers due to cost advantages and talent availability.

Conclusion

With this acquisition, Mindspace REIT reinforces its growth trajectory while maintaining valuation discipline. The addition of a high-quality, sustainability-certified asset in Chennai not only enhances its portfolio scale but also strengthens its appeal to institutional tenants.

As India’s office market continues to see demand from GCCs and large corporates, such acquisitions are likely to play a key role in driving long-term rental growth and value creation for REIT investors.

Also Read: Mindspace Business Parks REIT Reports 25.8% YoY NOI Growth in Q2 FY26; Leasing Momentum Remains Strong

The post Mindspace REIT Acquires ₹2,541 Cr Chennai Office Asset, Expands Portfolio by 2.6 Mn Sq Ft appeared first on Square Feat India.

The deal strengthens Mindspace REIT’s position across India’s most coveted office destinations—Worli, BKC Annexe, and Kalyani Nagar (Pune)—and represents the REIT’s second major sponsor acquisition.

The Assets Acquired

Mindspace REIT will acquire 100% equity in:

1. Pramaan Properties Pvt Ltd

• Ascent – Worli (Mumbai):
  ~0.45 million sq ft of newly completed premium office space in one of India’s most prestigious micro-markets.
  Occupancy: ~86%
• Kalyani Nagar Office Building (Pune):
  ~0.1 million sq ft of Grade A space
  Occupancy: 100%

2. Sundew Real Estate Pvt Ltd

• The Square Avenue 98 (BKC Annex, Mumbai):
  ~0.2 million sq ft Grade A+ office building
  Occupancy: 100%
  Anchored by leading global banks

Together, the assets comprise ~0.8 million sq ft of leasable area with a combined Gross Asset Value (GAV) of ₹3,106 crore, as per two independent valuations. Mindspace secured the assets at a 6.1% discount.

Portfolio Impact

Post-acquisition, Mindspace REIT’s portfolio will expand from 38.2 msf to ~39 msf, further deepening its presence in prime, front-office CBD markets.

Key performance expectations (Proforma FY26):

• NOI growth: ~9%
• DPU accretion: ~1.7%
• Front-office portfolio value contribution: ~7.9%
• Addition to FY26 NOI: ~₹226 crore
• GAV increase: From ₹41,020 crore to ₹44,126 crore
• LTV ratio: Rises marginally from 24.2% to 24.7%

The assets bring embedded mark-to-market potential, long-term stable rentals, and marquee tenants—including two of the biggest Wall Street names.

Management Commentary

Ramesh Nair, MD & CEO, Mindspace REIT, said:
“Bringing these assets into the Mindspace REIT portfolio is a strategic step in strengthening our presence in Mumbai’s most sought-after CBD office districts. These are high-quality, institutional assets with strong cash flows and global tenants. We continue to invest in great locations, work with great tenants, and create durable value for our unitholders.”

Strengthening a Disciplined Growth Journey

Over the years, Mindspace REIT has expanded through strategic acquisitions such as:

• c. 1.82 msf Commerzone Raidurg
• Full ownership consolidation at Commerzone Porur (Chennai)
• Expansion at Commerzone Yerwada (Pune)
• The 0.81 msf acquisition of The Square, 110 Financial District (Hyderabad)

The current transaction marks another major milestone in its value-accretive, institutional-grade expansion strategy.

Also Read: Mindspace Business Parks REIT delivered a strong Q2 FY26 performance with 25.8% YoY NOI growth

The post Mindspace REIT Acquires ₹2,916 Crore Trophy Office Assets in Mumbai and Pune from K Raheja Corp appeared first on Square Feat India.

Documents accessed by SquareFeatIndia reveal that the land parcel, measuring approximately 22,891.40 square meters (about 5.65 acres), includes associated buildings, development rights, future FSI benefits, and road setback entitlements. The transaction is contingent on K Raheja Corp obtaining the Intimation of Disapproval (IOD) from the Brihanmumbai Municipal Corporation (BMC) for the property’s development. The buyer is responsible for securing the IOD at its own cost and must notify the seller in writing upon its receipt. Once the IOD is obtained, the transaction must be completed within 30 days.

The payment schedule begins with ₹403 crores in December 2024, progressively increasing to ₹466 crores by December 2029, with installments tied to specific milestones. Additionally, K Raheja Corp has provided a refundable, interest-free security deposit of ₹210 crores, which will remain with the seller until the transaction’s long stop date, five years from the agreement date.

This transaction represents a significant step in Mumbai’s real estate sector, involving a 5.65-acre prime land parcel in a strategic location.

Also Read: Businessman Buys Worli Flat for Rs 23..89 Crore

The post K Raheja Corp Signs Landmark ₹466 Crore Deal for Kandivali East Land Parcel appeared first on Square Feat India.

The transaction, which was registered on August 13, involved payment of a ₹21.30 crore stamp duty. Bayside Mall, with a built-up area of 17,345 sq ft spread over one-third of an acre, was previously made up of 105 units but now consists of 75 units following the amalgamation of some units. The Popular Press Building, located adjacent to the mall, is a ground plus two-storey structure built over more than one-fourth of an acre.

Ivory Property Trust paid the first tranche of ₹120 crore at the time of registration, with the second tranche of ₹120 crore paid on August 22. The final payment of ₹115 crore was due by November 20, marking the completion of the deal.

Bayside Mall, launched in the early 2000s, initially aimed to serve as a convenient shopping destination for local residents and continues to cater to a niche market with utility-driven offerings.

This acquisition marks K Raheja Corp’s second mall purchase in South Mumbai this year, following their acquisition of Central Mall for ₹476 crore. Central Mall, also in the Tardeo area, is expected to be redeveloped into a 50-storey sea-view superstructure, offering approximately 250,000 sq ft of development potential. With current property prices in the area, the project could fetch over ₹2,000 crore.

Also Read: Mumbai’s first Mall Sold for ₹476 Crore

The post K Raheja Corp Acquires Bayside Mall and Popular Press Building in South Mumbai for ₹355 Crore appeared first on Square Feat India.

The promoters of these projects have submitted applications for de-registration under the provisions of the Real Estate (Regulation and Development) Act, and the public is being given an opportunity to submit objections to these requests. The list of projects includes both large-scale residential and commercial developments across multiple cities in Maharashtra.

Prominent Projects Affected:

1. Macrotech Developers Limited – ILB ONE in Kalyan, Thane (MahaRERA No. P51700055366)
2. K Raheja Corp Real Estate Pvt. Ltd. – Wisteria, Frangipani, Palash in Pirangut, Pune (MahaRERA Nos. P51700020373, P51700018963, P52100051970)
3. Lokhandwala Infrastructure Pvt. Ltd. – Shriram Corner in Mumbai (MahaRERA No. P51900009787)

In addition to these well-known developers, other real estate companies such as Guardian Landmarks LLP, Puranik Tokyo Bay Pvt. Ltd., and Abhishek Developers also feature on the list. The projects up for de-registration include developments like Wind Shire Phase 1 & 2 in Pune, Tokyo Bay Phase-C2 in Daman, and Abhishek Luxuria in Pune.

Deadline for Objections:

Any person or legal entity who has objections to the de-registration of these projects is requested to submit their objections within 30 days of the notice. The deadline for submitting objections is 12th December 2024.

Objections can be sent via email to director-comp@maharera.mahaonline.gov.in. MahaRERA has emphasized that submissions should be made without delay to ensure they are considered within the specified timeframe.

List of Affected Projects:

1. Guardian Landmarks LLP – Wind Shire Phase-1 & Phase-2 (Pune)
2. Puranik Tokyo Bay Pvt. Ltd. – Tokyo Bay Phase-C2 (Daman)
3. Abhishek Developers – Abhishek Luxuria (Pune)
4. Pemraj Associates – Pemraj Skyone (Pune)
5. Shyamsunder Radhyshyam Agrawal – Shubham Heights (Thane)
6. Ghodawat Eduserve LLP – Sanjay Ghodawat Industrial Park (Kolhapur)
7. Rajendra Fakhruddin Motiwala – Meenrung-Sky Villa (Nashik)
8. Tirupati Developers – Suvarnabhumi (Nagpur)
9. Pruthvi Developers – Siddhivinayak Park (Ratnagiri)
10. Macrotech Developers Ltd. – ILB ONE (Kalyan, Thane)
11. Lokhandwala Infrastructure Pvt. Ltd. – Shriram Corner (Mumbai)
12. K Raheja Corp Real Estate Pvt. Ltd. – Wisteria, Frangipani, Palash (Pirangut, Pune)

Key Details in the Notice:

• Promoter Name: Listed along with project names and MahaRERA registration numbers.
• Project Location: Projects are located in cities including Pune, Thane, Mumbai, Daman, Kolhapur, and others.
• De-Registration Process: As per the regulations, developers are allowed to seek de-registration if certain criteria are met, and this process ensures that stakeholders have the opportunity to raise concerns.

Public Participation:

MahaRERA encourages all stakeholders, including prospective homebuyers, investors, and local residents, to review the list of affected projects and submit any objections they may have. The regulatory authority aims to maintain transparency and protect the interests of the public in all real estate dealings.

Contact Information:

For submitting objections or for further inquiries, stakeholders can contact MahaRERA at:
Email: director-comp@maharera.mahaonline.gov.in

About MahaRERA:

The Maharashtra Real Estate Regulatory Authority (MahaRERA) was established under the Real Estate (Regulation and Development) Act, 2016, to regulate the real estate sector in Maharashtra. Its mission is to promote transparency, accountability, and efficiency in the real estate industry, providing better protection for homebuyers and enhancing the overall credibility of the sector.

Also Read: MahaRERA Dismisses Broker’s Complaint for Brokerage Payment, Cites Lack of Legal Provision

The post MahaRERA Invites Objections to De-Registration of Macrotech and Raheja Projects Along with 17 Others appeared first on Square Feat India.

By Varun Singh

K J Somaiya Trust one of the most known trusts in the city has recently sold a land parcel measuring 6150.57 sq mt in Sion area of Mumbai.

According to documents accessed by Indextap.com the registration was carried out on July 25, 2022 this year.

According to documents, this piece of land was put on sale by the the K J Somaiya Trust earlier this year K Raheja Corp Pvt Ltd emerged as the highest bidder during the process.

Thus finally Feat Properties Private Limited an entity of K Raheja Corp finally purchased the land from K J Somaiya Trust and the deal was registered accordingly.

The deal amount is Rs 120.62 crore, while a stamp duty of Rs 7.23 crore was paid for the registration.

All necessary permissions including those from Charity Commission were taken before the finalization of the deal.

“We see a ripple impact on Sion after the tremendous success of Chembur. Both markets have seen flurry of infrastructure development in last few years from flyovers connecting to BKC, freeway connectivity etc.  These markets have traditionally been very residential focused and lacked commercial office or mall development. The infra projects resolved this problem. Till date, Western Suburbs continues to remain the king maker in terms of real estate development potential in Mumbai city. We expect Eastern Suburbs to press the accelerator in coming years purely driven by infra projects and availability of undeveloped land,” said Abhishek Kiran Gupta, CEO & Co-founder, Indextap.com.

Recently Juhu also saw a huge deal worth Rs 332 crore.

Also Read: A Realty Deal worth ₹332 crore in Juhu

The post K J Somaiya Trust sells Sion Land for Rs 120 Crore appeared first on Square Feat India.