Ganesh Housing ties up 70% of Million Minds Phase 1, eyes Q4FY27 rent

Ganesh Housing Limited says about 70% of leasable area at Million Minds IT SEZ Phase 1 is tied up, supported by new letters of intent with Airtel, Conga Software, Flagler Health and iBase-T. Ganesh Housing expects lease rentals to commence by Q4FY27, while its project update lists September 2026 as the completion date.

What is the leasing status of Ganesh Housing's Million Minds Phase 1?

Ganesh Housing says approximately 70% of leasable area in Million Minds IT SEZ Phase 1 has been tied up. The company says the occupier base is mainly Global Capability Centers, hybrid workspace providers and technology firms, while naming four new letter-of-intent counterparties for the commercial project.

Phase 1 has more than 1.4 million square feet of construction area and 6.2 lakh square feet of carpet area. Ganesh Housing has not disclosed the square footage represented by the 70% tie-up, rental rates, lease tenures, agreement values or the share allocated to each occupier, leaving the tied-up proportion as its principal disclosed leasing measure.

The presentation identifies Million Minds Phase 1 as one of Ganesh Housing's two ongoing projects, alongside Malabar Retreat. The portfolio table puts the two ongoing projects together at 2.1 million square feet of area, with expected completion dates ranging from July 2024 to June 2027, rather than providing a project-level sales or cash-flow split.

When does Ganesh Housing expect Million Minds rental income to begin?

Ganesh Housing expects lease rentals from Million Minds Phase 1 to commence by Q4FY27 as fit-outs and completion approach. Its project-status page describes the project as nearing completion and gives September 2026 as the completion date, while beautification and landscaping work remain under way.

The company distinguishes the completion milestone from the start of rental income. September 2026 is the disclosed completion date, while Q4FY27 is the stated rental-commencement expectation, which depends on finishing activities and tenant fit-outs progressing as planned.

This distinction means Ganesh Housing has not stated that Phase 1 is already generating rent. The source instead describes a sequence in which completion and fit-outs precede rental commencement, with the 70% tied-up area providing the disclosed indication of commercial progress before operations begin.

Will Ganesh Housing need debt to finish Million Minds Phase 1?

Ganesh Housing says the first phase's project cost has been funded from internal accruals and that it may not have to raise debt for the balance construction work. This is management's expectation for the remaining construction of Phase 1, rather than a statement that borrowing will not occur under any circumstance.

The project is a commercial development with more than 1.4 million square feet of construction area and 6.2 lakh square feet of carpet area. In Ganesh Housing's portfolio table, Million Minds Phase 1 and Malabar Retreat together carry expected sales value of Rs 1,500 crore and expected free cash flow of Rs 600 crore.

The presentation does not allocate the combined Rs 1,500 crore expected sales value or Rs 600 crore expected free cash flow between Million Minds Phase 1 and Malabar Retreat. It also does not disclose a project-level construction balance, debt amount or capital expenditure requirement for the final work at Million Minds Phase 1.

Which tenants have signed letters of intent at Million Minds Phase 1?

Ganesh Housing has disclosed new letters of intent, or LOIs, with Airtel, Conga Software, Flagler Health and iBase-T for Million Minds Phase 1. The company describes Conga Software as US-based, Flagler Health as an artificial-intelligence health-technology company and iBase-T as an aerospace and defence software company.

Ganesh Housing also presents the development as an Indian Green Building Council, or IGBC, Platinum project. The certificate in the presentation states that Million Minds Tech City Tower 1 was precertified Platinum on 1 July 2025 under the IGBC Green New Buildings Rating System for tenant-occupied buildings.

The certificate says the precertification is valid for three years and may be renewed based on six-monthly progress updates until certification. This is a precertification status for Tower 1, while the Phase 1 leasing update separately refers to an ESG-certified Platinum project.

How do Million Minds plans compare with Ganesh Housing's current financial results?

Ganesh Housing reported lower revenue in Q2FY27 than in both comparison quarters, while profit after tax rose from Q1FY27. Revenue was Rs 121.3 crore in Q2FY27, compared with Rs 280.2 crore in Q1FY27 and Rs 174.3 crore in Q2FY26; earnings before interest, tax, depreciation and amortisation, or EBITDA, were Rs 97.9 crore.

Profit after tax rose 59% quarter on quarter to Rs 66.9 crore in Q2FY27 from Rs 42 crore in Q1FY27, but was 38% below Rs 108.1 crore in Q2FY26. EBITDA margin was 80.7% in Q2FY27, up from 39.3% in Q1FY27 but below 85.0% in Q2FY26.

Ganesh Housing does not attribute these quarterly changes to Million Minds Phase 1. Its rental guidance places the expected commencement in Q4FY27, so the Q2FY27 figures precede the commercial-rental start management has outlined.

What is Ganesh Housing planning after Million Minds Phase 1?

Ganesh Housing says the plan for Million Minds IT SEZ Phase 2 has been finalised and submitted for approval, with a Bhumi Pujan scheduled during Q3FY27. Phase 2 is planned as a commercial project with about 1.5 million square feet of total development and 6.6 lakh square feet of carpet area.

Phase 2 is larger than Phase 1 on both disclosed measures: about 1.5 million square feet against more than 1.4 million square feet of construction area, and 6.6 lakh square feet against 6.2 lakh square feet of carpet area. The source does not provide a Phase 2 construction timetable beyond the Q3FY27 Bhumi Pujan schedule.

The wider Million Minds site covers about 65 acres and is planned for more than 15 million square feet across office, retail, residential, hotel and recreational uses. Ganesh Housing reports total fully paid land reserves of about 513 acres, including about 405 acres at Godhavi Township and about 65 acres at the Million Minds special economic zone.

Conclusion

Taken together, the disclosures position Million Minds Phase 1 as a nearing-completion commercial project with 6.2 lakh square feet of carpet area, named LOI counterparties and internal-accrual funding for work completed so far. Ganesh Housing's Q2FY27 financial results predate the rental stream that management expects from the project.

The next disclosed milestones are September 2026 completion for Phase 1, expected lease-rental commencement by Q4FY27 and the Phase 2 Bhumi Pujan scheduled for Q3FY27. The unresolved points are the conversion of LOIs into operating occupancies and the absent disclosures on leased area, lease terms and rental values.