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

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

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.

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.

Next Story
Infrastructure Urban

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Next Story
Infrastructure Transport

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Next Story
Infrastructure Transport

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?