CLINT to Invest ₹1,000 Crore in Maia Group’s Commercial Project

CapitaLand India Trust (CLINT) has announced an investment of ₹1,000 crore in a commercial project being developed by Maia Group in Bengaluru. This investment will be executed through a forward purchase agreement with Maia Estates Offices Pvt Ltd. The agreement involves acquiring an office project at Nagawara, Outer Ring Road (ORR), Bengaluru.

The commercial project spans approximately 4.6 acres and is part of a larger mixed-use development. The total net leasable area of the project is about 1.36 million square feet, with office space covering 1.13 million square feet and retail space occupying 0.22 million square feet. CLINT will fully fund the development of the office portion and receive interest on the funding at a rate higher than its borrowing cost.

Upon completion and stabilization, CLINT is expected to acquire the office space in the first half of 2030, while Maia Estates will retain ownership of the retail section. The estimated purchase price for the office space is ₹1,471.7 crore (approximately SGD 233.6 million).

The project aims to create a business hub in Bengaluru, which is one of India’s key commercial centers. Nagawara, located along the ORR, is a sought-after business district with increasing demand for office spaces. The office complex will be part of a mixed-use development that combines commercial and retail areas to provide a work environment with access to amenities.

The agreement ensures that CLINT will finance the project throughout the construction phase and secure returns before taking ownership of the office portion. This approach aligns with CLINT’s strategy of acquiring fully developed, income-generating assets.

In addition to this investment, Maia Estates announced a strategic partnership with CapitaLand for the development of its flagship commercial project, The Beacon. This project will consist of 1.2 million square feet of commercial space along with 200,000 square feet dedicated to food, beverage, and entertainment spaces. The project’s location offers a view of the Nagawara lakefront, enhancing its appeal to businesses and commercial tenants.

Gauri Shankar Nagabhushanam, CEO of CapitaLand India Trust Management Pte Ltd, stated that this forward purchase agreement will help strengthen CLINT’s position in Bengaluru, which remains a major market for office space in India. He emphasized that the investment aligns with CLINT’s long-term growth strategy in India’s commercial real estate sector.

Mayank Ruia, Founder and CEO of Maia Estates, highlighted that the project is designed to integrate efficient design, technology, and workspace solutions. He mentioned that the development will contribute to Bengaluru’s growing office market and cater to businesses looking for modern office infrastructure.

Listed on the Singapore Exchange since 2007, CLINT is focused on acquiring income-generating real estate in India. Its portfolio includes business parks, logistics hubs, and data centers. The trust has been expanding its investments in India, with plans to increase its funds under management (FUM) significantly over the next few years.

India’s commercial real estate sector has seen steady growth, particularly in cities like Bengaluru, where demand for office spaces remains high. Investments from international firms such as CapitaLand indicate confidence in the market’s future potential. CLINT’s approach of entering into forward purchase agreements allows it to secure assets at competitive prices while ensuring financial returns during the development phase.