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]
| Industry | Real estate |
|---|---|
| Founded | 1956 |
| Founder | Chandru Lalchand Raheja |
| Headquarters | Mumbai, Maharashtra India |
Area served | India |
Key people | Ravi Chandru Raheja, Neel Chandru Raheja |
| Products |
|
| Website | krahejaprojects |
History
editFounded in 1956 by Chandru Raheja, K Raheja Corp was formed after a split between Raheja brothers as a separate group.[3]
Projects
editCommercial
editK 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
editThe 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
editThe 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
editMulti-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
editK Raheja runs Inorbit mall which is present in Bengaluru, Hyderabad, Pune, Navi Mumbai and Vadodara.[11]
Power Distribution
editK 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
editReferences
edit- ^ "K Raheja Projects - Official Website". K Raheja Corp. Retrieved 29 July 2019.
- ^ PTI (11 January 2022). "Blackstone sells stake for Rs 1,740 cr in Mindspace Business Parks REIT". Business Today. Retrieved 4 May 2022.
- ^ Nandy, Madhurima (7 July 2008). "Realty firm B Raheja split between brothers". Livemint. Retrieved 29 July 2019.
- ^ Babar, Kailash (6 March 2017). "Blackstone Group eyes 15 per cent in K Raheja portfolio". The Economic Times. Retrieved 29 July 2019.
- ^ "Developer K Raheja trumps Mirae to snap up Citi's prime Mumbai property". VCCircle. 4 July 2019. Retrieved 29 July 2019.
- ^ "K Raheja Corp's Artesia: The changing face of luxury living". The Economic Times. 14 June 2018. Retrieved 29 July 2019.
- ^ "K Raheja Corp unveils 'Maxima' at Pune's Raheja Vistas Premiere". Construction Week Online India. Retrieved 29 July 2019.
- ^ "K Raheja's hotel arm Chalet Hotels plans to raise INR 2,000 crore from IPO". Hospitality Biz India. Retrieved 29 July 2019.
- ^ 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.
- ^ Pinto, Viveat Susan (14 March 2019). "Shoppers Stop bets on beauty retail to revive growth, improve profit". Business Standard India. Retrieved 29 July 2019.
- ^ "The mall story 2.0". @businessline. Retrieved 29 July 2019.