Chandru Raheja has sold a 1.49% stake in Mindspace Business Parks REIT for nearly ₹500 crore. The transaction involved 99 lakh units at ₹505 each. The sale reduces Raheja’s direct holding while Mindspace continues to operate a large Grade-A office portfolio across India’s major commercial markets.
Chandru Lachmandas Raheja, chairman of real estate major K Raheja Corp, has sold a 1.49% stake in Mindspace Business Parks REIT for nearly ₹500 crore through a bulk transaction on the BSE. The deal involved 99,00,990 units, sold at an average price of ₹505 per unit, according to exchange data.
The transaction was executed on Monday and had a total value of ₹499.99 crore. Details of the buyers were not available from the exchange data. Following the transaction, Mindspace Business Parks REIT units closed 0.18% lower at ₹504.05 on Tuesday.
Raheja Group Remains Deeply Linked to Mindspace
The stake sale marks a change in Raheja’s direct ownership of the listed commercial property vehicle. Still, the K Raheja Corp group continues to have a “significant footprint in India’s commercial real estate market.”
The group has built a broad property platform spanning office parks, commercial developments and other consumer-facing businesses. Its portfolio of brands includes Mindspace, Commerzone, Crossword Bookstores and Shoppers Stop.
Mindspace Business Parks REIT was sponsored by Anbee Constructions LLP and Cape Trading LLP, both entities associated with K Raheja Corp Group.
Mindspace Maintains Large Office Portfolio
Mindspace Business Parks REIT is a Sebi-registered real estate investment trust focused on income-generating commercial assets. Its portfolio currently includes 36 million square feet (msf) of completed area, 6.6 msf under construction, and 3.6 msf identified for future development.
The REIT operates Grade-A integrated business parks, standalone office buildings and high-tech data centres across Mumbai, Hyderabad, Pune and Chennai. Its scale gives it exposure to some of India’s largest and most active office markets.
For the flexible workspace and office sector, the portfolio’s mix of operational and development assets provides a significant platform for long-term commercial real estate growth.
From Private Assets to Listed Platforms
The latest transaction also comes against the backdrop of K Raheja Corp’s broader move into listed real estate vehicles. The group listed Chalet Hotels in 2019, with properties including JW Marriott in Mumbai and Westin in Hyderabad.
In 2020, the group listed part of its commercial real estate portfolio through Mindspace Business Parks REIT in partnership with global investment firm Blackstone.
K Raheja Corp is now run by Raheja’s sons, Neel and Ravi. Against this backdrop, the ₹500 crore stake sale represents a notable transaction involving one of India’s prominent listed office-focused REITs. At the same time, Mindspace continues to expand and operate its commercial real estate platform across key metropolitan markets
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