This post was originally published on Data Center Knowledge
(Bloomberg) — Indian property developer Rustomjee plans to build data centers in Mumbai, the nation’s largest real estate market, to ride the artificial intelligence boom while it continues to sell luxury homes, according to a top executive.
The data centers will be developed across five million square feet of land in Thane, a suburb of Mumbai, where the company holds an “economic interest,” Chandresh Dinesh Mehta, executive director of Keystone Realtors, said in an interview.
Rustomjee, the brand of publicly listed Keystone, plans to get a strategic or financial partner for the project, he said. It currently has a residential township in Thane through a partnership that is 49%-owned by Singapore’s Keppel Land, a unit of Keppel.
“We feel that data centers are going to be an asset class and there is play that is possible,” Mehta said. Thane is “strategically located, where you have fiber connectivity and availability of power,” he added.
India’s data center capacity has nearly doubled since 2019, drawing interest from a wide range of investors, according to a report from Avendus Capital. Mumbai alone is expected to add 40% in new capacity in the next five years, the report said.
Real estate investment trusts and companies that have data centers
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