Project update

We manage our development pipeline based on the demand-supply dynamics in each of the micro-markets where we operate as well as the expansion needs of our tenants. Currently, our under-construction footprint at various stages of completion is 2.1msf area.

SELECT UNDER-CONSTRUCTION PROJECTS

Hyderabad

Mindspace Madhapur (B22, Hotel)

Leasable area: 0.1 msf
Status: OC received
Balance cost: ` 123 million
Pre-leased to Chalet Hotels
Rent commencement: Q3 FY23

Note: OC received post March 31, 2021.

Mumbai Region

Mindspace Airoli, West (B9)

Leasable area: 1.0 msf
Status: Façade WIP
Estimated completion: Phased completion targeted over FY22
Balance cost: ` 1,240 million
SEZ de-notification awaited
Pre-leased: 127 ksf

Pune

Gera Commerzone Kharadi (B5)

Leasable area: 0.7 msf
Status: 5th Floor slab WIP
Estimated completion: Q1 FY23
Balance cost: ` 1,814 million
Awarded IGBC Gold Pre-Certification
Active on-going discussions on pre-leasing

PORTFOLIO DIVERSIFICATION INTO DATA CENTERS

Key drivers

Internet penetration and data traffic

Cloud adoption

Big data analytics & and Internet of Things (IoT)

Improved fiber connectivity

Data localization laws

Advantage Mumbai

Excellent connectivity via 12 submarine network cables

Robust power supply infrastructure

Clean title land parcels available in proximity to large corporate headquarters

Financial and commercial capital of India

Key aspects of transaction

Leased to Princeton Digital, one of the largest data center players

Total leasable area: 0.63 msf

Phased off-take

`2.0 p.u
Value accretion

Implication on Mindspace REIT

Specialized built-to-suit solutions

Higher tenant stickiness

Tenant diversification opportunity