Founded in 1956 by Chandru Raheja, K Raheja Corp maintains a diversified business portfolio spanning real estate, including commercial and residential developments, hospitality, retail, and malls — with operations extending across more than five major cities in India, including Mumbai, Pune, Hyderabad, Bengaluru, and emerging markets such as Visakhapatnam. The company's scale is underscored by its development of over 35 million square feet of green buildings, supported by a workforce exceeding 13,000 employees. It oversees three publicly listed entities: Mindspace Business Parks REIT, Chalet Hotels Ltd., and Shoppers Stop Ltd.
Visakhapatnam is not a new market for the group. Inorbit Mall Visakhapatnam is Andhra Pradesh's largest mall, spanning 1.4 million sq. ft. and featuring 350+ brands including Shoppers Stop, H&M, Pantaloons, Max, GANT, Birkenstock, American Eagle, Samsung, Skechers, and Malabar Gold & Diamonds. The mall was delivered in a record time of just 31 months and opened to the public on 27th March 2026. On the commercial side, K Raheja Corp operates its commercial business under the brands Mindspace and Commerzone with existing projects in Mumbai, Hyderabad, Pune, and Chennai. The Mindspace campus in Madhapur, Hyderabad — one of the group's flagship IT parks — has served as an operational template for Grade-A tech campuses in South India for nearly two decades.
K Raheja Corp has proposed a massive 27-acre mixed-use project at IT Hill No. 2 in Visakhapatnam, expected to combine commercial office spaces and premium residential developments, reinforcing Vizag's growing status as a major IT and business hub in South India.
K Raheja Corp has applied for the Terms of Reference (ToR), an important approval stage before project execution. This positions K Corp IT Hills 2 at an early but structured stage of the development pipeline — the kind of entry point that allowed the group to shape the Mindspace campuses in Hyderabad and Pune from the ground up rather than acquiring existing assets.
The project reflects a phased construction strategy consistent with how the group has built other large-format mixed-use developments. The first phase is scheduled to be completed by 2028 for commercial buildings and 2030 for residential complexes, involving an investment of Rs 663.42 crore and providing 9.59 lakh sq ft of space. In phase two, commercial buildings are planned for completion by 2031 and residential complexes by 2035, with an investment of Rs 1,418.84 crore, adding 19.06 lakh sq ft of office and residential space. Once completed, the project will offer a total of 28.65 lakh sq ft of modern facilities.
If approved, the project could generate around 9,681 jobs, boosting local employment significantly.
Madhurawada's IT Hill cluster is the primary reason players of K Raheja Corp's calibre are entering Visakhapatnam. Located along the NH-16 on the Visakhapatnam-Vizianagaram stretch, Madhurawada has become an investment destination for home buyers and real estate investors over the past few years. The neighbourhood is 16 km from the city centre and can be reached with well-maintained roadways and public transportation.
The government has already assigned about 600,000 square feet in Millennium Towers 1 and 2 to giants like TCS, Cognizant, and Accenture. Madhurawada is also set to host India's first integrated data centre and technology park, courtesy of the Adani Group — with over 200 MW capacity and powered by 100% renewable energy. The Andhra Pradesh government has allotted land to five IT firms with cumulative investments of Rs 19,000 crore, expected to generate over 40,000 jobs and strengthen the city's digital and IT infrastructure.
This development aligns with Google's recent commitment to establish an AI-powered data centre in Visakhapatnam. Officials anticipate a surge of IT companies following Google's lead, heightening the demand for modern office facilities. For K Raheja Corp, whose Mindspace REIT portfolio is anchored by a commercial offering that serves as a partner of choice for 210+ domestic and foreign multinationals, demand from technology occupiers of exactly this profile is familiar ground.
Land prices have climbed by 30 to 50 per cent along the IT Hills–Madhurawada–Rushikonda corridor. The average flat rate in Madhurawada currently stands at approximately Rs 5,000 per sq ft, with 2 BHK flats available in the range of Rs 42.45 lakh to Rs 60.10 lakh. Flat rates in Madhurawada have appreciated 29.9% over the last five years and 78.6% over the last ten years. These figures predate the current wave of institutional investment announcements; the trajectory since has steepened further.
The investment announcements by Google and other companies in Andhra Pradesh are already yielding tangible results, triggering a real estate surge across Visakhapatnam's IT zones — with land prices climbing by 30 to 50 per cent, with the most visible impact along the IT Hills–Madhurawada–Rushikonda corridor.
Madhurawada is a self-sufficient hub with schools, colleges, and hospitals nearby. The area benefits from proximity to the IT SEZ and major tech companies, excellent connectivity via NH-16 and the upcoming metro rail, and the presence of top schools, hospitals, and shopping malls.
The group's own retail commitment to the city adds a material lifestyle layer for future residents of the IT Hill No. 2 precinct. Inorbit Mall Visakhapatnam at Salagramapuram — opened in March 2026 — adds the region's largest single floor plate, seven levels of parking, over five Family Entertainment Centres, and an 8-screen multiplex. The development also includes a 1.1 km jogging track, a dedicated pet park, and a terrace deck offering sweeping city views. For a buyer at K Corp IT Hills 2, this is a K Raheja Corp-built amenity within the same city grid — not an unrelated third-party facility.
The Hyderabad precedent is relevant context for buyers evaluating K Corp IT Hills 2. K Raheja Corp operates its commercial business under the brands Mindspace and Commerzone with projects in Mumbai, Hyderabad, Pune, and Chennai. K Raheja Corp installed a solar rooftop plant at Mindspace Business Park, Madhapur, Hyderabad in September 2016. The total installed capacity of 1.6 MW was one of the largest solar rooftop plants in Telangana at the time.
On the residential side, K Raheja Corp Homes has honed the expertise and proficiency to deliver self-contained residential spaces over the last four decades, with a portfolio spread across five cities of India, including iconic projects Raheja Vivarea and Raheja Artesia in Mumbai, and Raheja Vistas in Hyderabad and Pune. With around 10 million sq ft of high-quality residential area developed across 30+ projects, homes have been created for 8,500+ families.
Mindspace REIT is also India's first real estate entity to commit to both EV100 and RE100 initiatives of the Climate Group. That sustainability posture — embedded across the group's commercial portfolio — is likely to carry through to the Visakhapatnam campus, particularly given the ESG-conscious tenant base the project is designed to attract.
K Corp IT Hills 2 sits at IT Hill No. 2, Madhurawada — one hill away from several already-allotted and under-development tech campuses. The site's specific geographic position within the IT Hill cluster means future residents will be within walking or short-drive distance of the city's primary office supply pipeline, including Millennium Towers, the Cognizant campus, and the Adani data centre park.
Once completed, the project could become one of the largest integrated developments in Visakhapatnam, creating a modern live-work ecosystem for professionals and further enhancing the city's urban landscape. For buyers weighing the long construction horizon against the upside, the relevant comparison is how K Raheja Corp's phased Mindspace campuses in Hyderabad performed once anchor tenants were in place — a track record the group has now replicated across Mumbai Region, Pune, and Chennai.
The average rental yield in Madhurawada currently stands at approximately 3%, with structural demand set to rise as the IT Hill occupier base expands. With massive investments flowing into IT, pharma, logistics, and renewable energy, housing demand in Madhurawada is expected to surge. The K Raheja Corp residential component at IT Hill No. 2 is positioned to capture that demand from within the campus itself — a self-contained residential offer that the group has executed at scale in Hyderabad's Nacharam at Raheja Vistas and in Pune's NIBM Road at Raheja Reserve.