Mindspace REIT's Q1 FY25 Net Operating Income Rises 9% to Rs.496 Cr

02 Aug 2024 CW Team

Mindspace REIT's revenue from operations also witnessed a notable rise, growing by 8% to Rs.547 crore in Q1 FY25 compared to Rs.507 crore in Q1 FY24. The REIT?s strong performance is driven by consistent demand for office spaces in prime locations and the addition of new tenants.

Ramesh Nair, CEO, Mindspace Business Parks REIT, expressed satisfaction with the quarterly results, highlighting the company's strategic leasing efforts and focus on maintaining high occupancy levels. Rohira noted that the company's properties continue to attract leading domestic and international clients, contributing to the sustained growth in NOI.

During the quarter, Mindspace REIT achieved leasing volumes of 1.2 million square feet, with an average rent increase of 15% on renewals. The occupancy rate stood at a healthy 85%, reflecting the ongoing demand for quality office spaces in the markets where Mindspace operates.

Mindspace REIT's portfolio spans major cities including Mumbai, Hyderabad, Pune, and Chennai, encompassing over 31 million square feet of commercial space. The company remains optimistic about the future, with plans to enhance its portfolio through strategic acquisitions and development of new properties.

In addition to its financial performance, Mindspace REIT continues to focus on sustainability and wellness initiatives, aiming to create a positive impact on its tenants and the environment. The company has implemented various green building practices and wellness programs to enhance the overall tenant experience.

Looking ahead, Mindspace REIT anticipates sustained demand for office spaces, driven by the ongoing economic recovery and the return of employees to workplaces. The company aims to capitalize on this demand by maintaining high occupancy rates and continuing its strategic growth initiatives.

The positive Q1 FY25 results underscore Mindspace REIT's strong market position and its ability to deliver consistent growth amidst a dynamic real estate landscape.

Mindspace Business Parks REIT has reported a 9% year-on-year increase in its net operating income (NOI) for the first quarter of fiscal year 2024-25. The NOI reached Rs.496 crore, up from Rs.454 crore in the corresponding quarter of the previous year. This growth is primarily attributed to the robust leasing activity and high occupancy rates across its portfolio. Mindspace REIT's revenue from operations also witnessed a notable rise, growing by 8% to Rs.547 crore in Q1 FY25 compared to Rs.507 crore in Q1 FY24. The REIT?s strong performance is driven by consistent demand for office spaces in prime locations and the addition of new tenants. Ramesh Nair, CEO, Mindspace Business Parks REIT, expressed satisfaction with the quarterly results, highlighting the company's strategic leasing efforts and focus on maintaining high occupancy levels. Rohira noted that the company's properties continue to attract leading domestic and international clients, contributing to the sustained growth in NOI. During the quarter, Mindspace REIT achieved leasing volumes of 1.2 million square feet, with an average rent increase of 15% on renewals. The occupancy rate stood at a healthy 85%, reflecting the ongoing demand for quality office spaces in the markets where Mindspace operates. Mindspace REIT's portfolio spans major cities including Mumbai, Hyderabad, Pune, and Chennai, encompassing over 31 million square feet of commercial space. The company remains optimistic about the future, with plans to enhance its portfolio through strategic acquisitions and development of new properties. In addition to its financial performance, Mindspace REIT continues to focus on sustainability and wellness initiatives, aiming to create a positive impact on its tenants and the environment. The company has implemented various green building practices and wellness programs to enhance the overall tenant experience. Looking ahead, Mindspace REIT anticipates sustained demand for office spaces, driven by the ongoing economic recovery and the return of employees to workplaces. The company aims to capitalize on this demand by maintaining high occupancy rates and continuing its strategic growth initiatives. The positive Q1 FY25 results underscore Mindspace REIT's strong market position and its ability to deliver consistent growth amidst a dynamic real estate landscape.

Infrastructure Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Infrastructure Urban

06 Feb 2026

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Infrastructure Urban

06 Feb 2026

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..