Mindspace REIT Q1 NOI Rises 27.8% to Rs 7.88 Billion

07 Aug 2026 CW Team

Revenue from operations rose 26.4 per cent to Rs 9.51 billion, compared with Rs 7.52 billion in the corresponding quarter of the previous financial year.

Distribution per unit increased 15.2 per cent to a record Rs 6.67 from Rs 5.79. The REIT declared a total distribution of approximately Rs 4.42 billion for the quarter.

Mindspace REIT recorded gross leasing of around 0.9 million sq ft during Q1 FY27. In-place rents across the portfolio stood at approximately Rs 81 per sq ft per month, with mark-to-market potential estimated at 19.6 per cent.

Ramesh Nair, Managing Director and Chief Executive Officer, Mindspace REIT, said the results reflected the strength of the portfolio, quality of assets and disciplined execution.

He added that most office assets scheduled for completion over the next 12 months were already pre-committed, indicating continued demand for the REIT’s business campuses.

Mindspace REIT has launched two office buildings and two hotels spanning approximately 1.7 million sq ft across Mumbai, Pune and Hyderabad. The additions have expanded its portfolio to approximately 46.2 million sq ft.

The REIT is also developing an under-construction pipeline of 6.6 million sq ft. Two hotels in Pune and Hyderabad have been pre-leased to Chalet Hotels, increasing the number of hotels across its campuses to five.

Its data centre portfolio stands at 1.7 million sq ft, while The Pearl Club, its flagship lifestyle facility, has commenced trial operations.

The gross asset value of the portfolio increased to approximately Rs 51,890 crore following recent acquisitions. Loan-to-value stood at 29.7 per cent, while the cost of debt remained stable at 7.42 per cent per annum.

Mindspace REIT recently completed the acquisition of a 100 per cent stake in Commerzone Pallikaranai and a 51 per cent stake in International Tech Park Chennai–Radial Road, which has been rebranded as One Radial.

Following the acquisitions, committed occupancy across the portfolio stood at 92.1 per cent, with further leasing potential available in the newly acquired properties.

Mindspace Business Parks REIT reported a 27.8 per cent year-on-year increase in net operating income to Rs 7.88 billion for the first quarter of FY27, supported by portfolio expansion and strong leasing demand. Revenue from operations rose 26.4 per cent to Rs 9.51 billion, compared with Rs 7.52 billion in the corresponding quarter of the previous financial year. Distribution per unit increased 15.2 per cent to a record Rs 6.67 from Rs 5.79. The REIT declared a total distribution of approximately Rs 4.42 billion for the quarter. Mindspace REIT recorded gross leasing of around 0.9 million sq ft during Q1 FY27. In-place rents across the portfolio stood at approximately Rs 81 per sq ft per month, with mark-to-market potential estimated at 19.6 per cent. Ramesh Nair, Managing Director and Chief Executive Officer, Mindspace REIT, said the results reflected the strength of the portfolio, quality of assets and disciplined execution. He added that most office assets scheduled for completion over the next 12 months were already pre-committed, indicating continued demand for the REIT’s business campuses. Mindspace REIT has launched two office buildings and two hotels spanning approximately 1.7 million sq ft across Mumbai, Pune and Hyderabad. The additions have expanded its portfolio to approximately 46.2 million sq ft. The REIT is also developing an under-construction pipeline of 6.6 million sq ft. Two hotels in Pune and Hyderabad have been pre-leased to Chalet Hotels, increasing the number of hotels across its campuses to five. Its data centre portfolio stands at 1.7 million sq ft, while The Pearl Club, its flagship lifestyle facility, has commenced trial operations. The gross asset value of the portfolio increased to approximately Rs 51,890 crore following recent acquisitions. Loan-to-value stood at 29.7 per cent, while the cost of debt remained stable at 7.42 per cent per annum. Mindspace REIT recently completed the acquisition of a 100 per cent stake in Commerzone Pallikaranai and a 51 per cent stake in International Tech Park Chennai–Radial Road, which has been rebranded as One Radial. Following the acquisitions, committed occupancy across the portfolio stood at 92.1 per cent, with further leasing potential available in the newly acquired properties.

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