K Raheja Corp was founded in 1956 by Chandru Raheja and has since grown into one of India's most diversified real estate groups, operating across commercial offices, retail malls, residential projects, and hospitality. The group runs its commercial business under the Mindspace and Commerzone brands, with projects in Mumbai, Hyderabad, Pune, and Chennai, and as of 2017 held 20 million square feet of office space — the second largest commercial developer in India at the time. That track record now points toward Visakhapatnam.
K Raheja Corp is set to make a major investment in Visakhapatnam, focusing on commercial and residential complexes tailored to IT companies, and has requested the Andhra Pradesh government to allocate 27.10 acres in Madhurawada IT SEZ Hill No. 3 for the project. The project carries a total investment of ₹2,172 crore and a built-up area of 2.9 million sq ft, combining premium office spaces and residential towers.
The development is expected to occupy nearly half of IT Hill-3, making it one of the most significant real estate investments currently planned in Visakhapatnam. The project is structured across two phases with distinct timelines:
The proposal notes that the project will generate employment for approximately 9,681 people. For a buyer or occupier, the significance of this is structural: K Raheja Corp is not bringing a standalone tower to Vizag — it is replicating the integrated campus model it has previously executed at Mindspace Madhapur in Hyderabad and Mindspace Malad in Mumbai.
Raheja's Mindspace developed its first Hyderabad project on 110 acres allotted by APIIC; the Madhapur techno-campus was executed in 2004 through a joint venture between the Raheja Group and Andhra Pradesh Industrial Infrastructure Corporation. With 21 buildings, Mindspace Madhapur became Hyderabad's first and largest Indian Green Building Council Gold Rating Campus, incorporating systems for indoor air quality monitoring, rainwater management, sewage treatment, and solar panels. The Visakhapatnam proposal carries that same mixed-use, sustainability-conscious DNA.
The group's commercial business has developed over 54 million sq ft of Grade-A office spaces across key metro cities of India. With best-in-class infrastructure and amenitized campuses, the commercial offerings stand as a partner of choice for 210-plus domestic and foreign multinationals. Mindspace REIT secured the No. 1 global rank in Environmental Performance in the 2025 S&P Global Corporate Sustainability Assessment and earned a 5-Star GRESB rating for the third consecutive year.
K Raheja Corp Homes has built residential expertise over four decades, with a portfolio spanning five cities including Mumbai, Pune, and Hyderabad, featuring projects such as Raheja Vivarea and Raheja Artesia in Mumbai, and Raheja Vistas in Hyderabad and Pune. Around 10 million sq ft of high-quality residential area has been developed across 30-plus projects, creating homes for over 8,500 families. This residential depth is relevant context for the IT Hills 3 residential towers, which represent K Raheja Corp's first residential commitment in Andhra Pradesh outside its Hyderabad footprint.
The IT Hills 3 project is not K Raheja Corp's first active investment in Vizag. The group's mall business has commenced construction of Inorbit Mall at Visakhapatnam. The Inorbit Mall, with six lakh sq ft of area, is coming up on a 17-acre land parcel at Kailasapuram near Visakhapatnam Port Authority Hospital. Phase I of the mall — covering over 250 national and international brands, a multiplex, food court, terrace garden, and family entertainment centre — is targeted for mid-2026; Phase II will add 2.5 lakh sq ft of office space by 2027, and Phase III will include a 200-room five-star hotel commencing operations by 2029.
K Raheja Group Chairman Neel Raheja has stated that the group, which has set up Inorbit Malls in Vijayawada, Guntur, and Rajahmundry, plans to expand further in the state. The IT Hills 3 project at Madhurawada adds a commercial and residential dimension to what is becoming a multi-asset presence across Visakhapatnam.
Located along NH-16 on the Visakhapatnam–Vizianagaram stretch, Madhurawada sits roughly 16 km from the city centre and is accessible via well-maintained roadways and public transport. The suburb is emerging as a major IT hub in Visakhapatnam, located near the Visakhapatnam Special Economic Zone, which has driven increased demand for properties in the area.
The move follows Google's plans for an AI-based data centre in Visakhapatnam, which is expected to attract a large influx of IT companies; the government has already provided about six lakh sq ft of office space in the existing Millennium Tower 1 and 2 to IT giants such as TCS, Cognizant, and Accenture. To accommodate expected growth, additional office space is required for new entrants — a need Raheja's project at IT Hills 3 aims to fulfil.
The investment announcements by Google and other companies in Andhra Pradesh are already yielding tangible results: land prices have climbed by 30 to 50 per cent, with the most visible impact along the IT Hills–Madhurawada–Rushikonda corridor. Apartment prices in Madhurawada currently hover around ₹5,000 per sq ft, a figure that predates the wave of institutional investment now arriving at the hills.
Madhurawada is also set to host India's first integrated data centre and technology park by the Adani Group, with over 200 MW capacity powered by 100% renewable energy. The area benefits from proximity to the IT SEZ and major tech companies, connectivity via NH-16, and the upcoming metro rail, along with top schools, hospitals, and shopping malls. For K Raheja Corp, Madhurawada IT Hills 3 is not a peripheral bet — it is where the cluster of institutional demand is forming.
The proposed project will include approximately 2.9 million sq ft of Grade-A office space along with premium residential developments, and is expected to attract major IT and multinational companies looking to establish operations in Visakhapatnam. For residential buyers, the logic mirrors what happened around Mindspace Madhapur in Hyderabad: proximity to a large, institutionally managed office campus created sustained end-user housing demand, compressing commute times and anchoring property values.
Professionals employed in IT SEZs and commercial hubs prefer modern apartments with amenities, and infrastructure expansion is expected to lead to increased property values in Madhurawada. A K Raheja Corp mixed-use campus at IT Hills 3 positions residential buyers within the same master plan as the employer — the most direct form of demand-side security available in a pre-delivery market.