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 Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Real Estate

17 Dec 2025

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

Real Estate

17 Dec 2025

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..