Continuous Developments

On an upward growth trajectory

We have a robust development pipeline in each of our micro-market and we can bring forward supply of our future developments to cater to the emerging requirements of our tenants. Our current under-construction pipeline stands at 3.0 msf. The projects are at various stages of the project lifecycle.

Development pipeline (msf):

Snapshot of our development pipeline as of March 31, 2022

01

Mindspace Airoli (West)
B9, Mumbai Region

1.1 msf

Leaseable Area

Received

OC for 6 office floors

Estimated completion:

Q1 FY23

643 ksf

Leased/Pre-Leased

` 744 mn

Balance Cost as at March 31, 2022

Status:

Facade - Work Completed

02

Mindspace Airoli (West)
B10 Data Center, Mumbai Region

0.3 msf

Leaseable Area

` 997 mn

Balance Cost as at March 31, 2022

Status:

4th slab - Work in progress

100%

Pre-Leased

Estimated completion:

Q4 FY23

03

Commerzone Kharadi
B5, Pune

0.7 msf

Leaseable Area

` 1,451 mn

Balance Cost as at March 31, 2022

Status:

Last floor - Work in progress

100%

Pre-Leased

Estimated completion:

Phased completion by Q2 FY23

04

Commerzone Kharadi
B4, Pune

1.0 msf

Leaseable Area

` 5,809 mn

Balance Cost as at March 31, 2022

Estimated completion:

Q4 FY23

Status:

Level 1 - Work in progress

Project updates

05
Perspective

Mindspace Airoli (East)
High Street Retail and F&B, Mumbai Region

0.05 msf

Leaseable Area

Estimated completion:

Q4 FY23

Status:

Excavation WIP

` 497 mn

Balance Cost as at March 31, 2022

Project highlights –

  1. Highstreet to include Retail and F&B along the main access road (Thane Belapur Road) for strong visibility and better accessibility
  2. The office, retail and lifestyle mix will come alive with luxury labels, high fashion brands, cafes, fine dining experiences, and spas and salons
06
Perspective

Mindspace Madhapur
Recreational and Entertainment Zone

0.06 msf

Leaseable Area

Estimated completion:

Q4 FY23

Status:

Excavation WIP

` 1,171 mn

Balance Cost as at March 31, 2022

Project highlights –

The common central area at the business park will act as a confluence of work and leisure with efficiently designed working spaces along with recreational facilities such as food courts, gym, spa, indoor games, and fine dining restaurants.

Prospects for redevelopment

Proposed re-development of buildings 1A and 1B at Madhapur

Current
Perspective

0.36 msf

Leaseable Area

1.3 msf (3.5x)

Leaseable Area

Highlights:

  • Proposed re-development will ensure expansion of our portfolio through replacement of erstwhile building with a modern state of the art commercial space ensuring value maximization throughout the asset lifecycle
  • Legacy buildings previously occupied by single tenant,well-suited for re‑development
  • Proposed re-development expected to add c.1.0 msf area to the portfolio
  • Estimated start – Q2 FY23; Estimated completion – FY26
  • Approvals in progress

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