K Raheja Corp: A Strategic Focus on Residential Property Growth

After listing subsidiary companies such as Shoppers Stop, Chalet Hotels, and Mindspace REIT, Mumbai-based real estate developer K Raheja Corp is not in a rush to list its real estate business. However, the company is focusing on aggressive growth in the residential property sector, according to Vinod Rohira, managing director and CEO at K Raheja Corp.

The developer has between 30-40 residential projects in various stages of development in Mumbai and Pune. “We are signing more projects over and above this,” said Rohira. The residential projects will range from premium, luxury, and ultra-luxury segments, catering to a diverse range of customer needs and preferences.

In comparison, the country’s largest developer, DLF, is planning to launch residential projects with an estimated sales potential of Rs 73,900 crore in the medium term, with a total area of 29 million square feet, the company said in March this year.

“We want to be aspirational premium in every segment that we are in, that is the top end of every segment. Whether it’s a Rs 20,000 a square foot, or Rs 1 lakh or 2 lakh a square foot segment, we want to be at the top of it,” Rohira emphasized.

The residential business of the company is already among the top five developers in Mumbai in terms of sales. According to CRE Matrix, a data analytics firm, Macrotech Developers (Lodha) residential sales were Rs 23,993 crore between FY21-25, while Oberoi Realty’s figure was Rs 22,011 crore. In comparison, K Raheja Corp sold property worth Rs 9,636 crore during the same period.

When asked about the listing of the residential business, Rohira said they will consider it at the right time. “We will think about it when the time is right,” he stated.

K Raheja Corp has delivered 6.2 million sq ft of luxury and commercial projects within a 2-kilometer radius of the upmarket Worli and Mahalaxmi areas, including projects like Vivarea, Artesia, and Altimus. The developer is also building a significant residential project in Juinagar in Navi Mumbai.

The company has over 20 million sq ft of office space under various stages of construction. Cumulatively, including Mindspace REIT, the company has leased around 7 million sq ft in FY25, he added.

Despite a slower outlook for residential sales in FY26 as predicted by rating firms, Rohira is confident that their sales will perform well. On differentiation with other top listed developers, he said, “Some compromise on quality, approvals, delivery, and titles. But we will not compromise on anything.”

All of K Raheja Corp's businesses, including Shoppers Stop and Chalet Hotels, were built privately together. “We were in the same boardroom making decisions about where to build a hotel, a mall, a residential project, or a commercial one,” Rohira explained.

K Raheja Corp was founded by billionaire Chandru L Raheja in 1956. His sons Neel and Ravi hold key positions in the group, ensuring a strong and strategic leadership that drives the company’s growth and success.