Moneycontrol.com-May consider launching REIT in 6-12 months, data centre business growing very fast: Niranjan Hiranandani
Niranjan Hiranandani, co-founder and managing director (MD) of the eponymous Hiranandani Group, is considering the launch of an office real estate investment trust (REIT).
The proposed REIT, which can be described as a company that own or finance income-producing real estate across a range of property sectors, is estimated to have a portfolio of around 7 million square feet (sq ft ) of commercial realty at the group's integrated developments in Powai and Thane in the sprawling Mumbai Metropolitan Region (MMR), Hiranandani said during an interaction with Moneycontrol.
He said investors have shown keen interest in Yotta, the group's pure-play data centre arm. The revenue generated from Yotta is expected to equal or exceed that of the group's residential property business in the next few years, he added.
