Before Mehta, former IAS officer Gautam Chatterjee of the 1982 batch served as the founding chairman of MahaRERA
By Bricksnwall | 2024-09-25
Under this new arrangement, Mindspace REIT will create three built-to-suit data
centres, adding an additional one million square feet to its portfolio.
Mindspace
Business Parks REIT announced on September 25 that it has formed a strategic
agreement with Princeton Digital Group, a global leader in data centre
operations, to build PDG's flagship and largest data centre campus in India,
Mindspace Airoli West in Navi Mumbai, near Mumbai.
Mindspace REIT will create three built-to-suit data
centres as part of this new arrangement, adding one million square feet to its
portfolio. The REIT has already built two data centres for PDG, totalling 0.63
million square feet, according to the business.
Upon completion, the Business Park will comprise five
data centre buildings, and the overall data centre footprint within the
Mindspace REIT portfolio will be 1.65 million square feet. Mindspace Airoli
West's 50-acre campus environment will include this ~15-acre development,
according to the business.
We are happy to work with PDG on their India growth.
This transaction underlines our commitment to broadening our portfolio and
entering high-growth industries such as data centres. For us, incorporating
data centres into our portfolio makes strategic sense because they provide
secure and long-term revenue streams, future-proof our portfolio, and diversify
income sources', said Ramesh Nair, CEO of Mindspace REIT.
According to the firm, Mindspace REIT will supply PDG
with a comprehensive suite of turnkey services, including power infrastructure,
that are tailored to satisfy sustainability objectives.
The business went on to say that Navi Mumbai has become
a prominent hub for cloud infrastructure because to its strategic location near
submarine cable landing stations, reliable power supply with no outages,
availability of renewable energy, and solid infrastructure. The micro-market is
also well-positioned to support the expansion of AI technologies, making it an
excellent alternative for AI-enabled data centre campuses.
Data centre expansion in India
The overall data centre stock across the country
increased by 21% in the first half of the year. Mumbai led the way with a large
54.9% share of total capacity, followed by Chennai (12.3%), Bengaluru (8.2%),
and Pune (7.2%), according to a July 2024 research by Savills, a real estate
advisory firm.
According to the report, there is a growth in demand
for Edge Data Centres (smaller facilities placed near to the people they serve)
in Tier II and Tier III cities.
The entire stock of data centres in the country has increased 21% year on year to 942 MW in H1 2024, up from 778 MW in the same six-month period last year.
