Mindspace REIT’s Q1 NOI rises 28% to ₹788 crore as office leasing remains strong

Mindspace Business Parks REIT recorded a strong start to the 2026–27 financial year, with net operating income rising 28% year-on-year to ₹788 crore in the first quarter. The performance comes as demand for Grade A office space remains steady across the major markets where the REIT operates.

The office-focused real estate investment trust leased 0.9 million sq ft of commercial office space during the April-June quarter. The leasing activity points to continued occupier interest in its business parks, even as companies remain selective about expansion and workplace requirements.

Mindspace REIT also announced a distribution of ₹442 crore to its unitholders for the quarter. The distribution stood at ₹6.67 per unit, representing a 15.2% increase from the corresponding period last year.

The company operates office assets across the Mumbai Metropolitan Region, Pune, Hyderabad and Chennai. Its portfolio currently has a total leasable area of 46.2 million sq ft, comprising 36 million sq ft of completed office space, 6.6 million sq ft under construction and another 3.5 million sq ft earmarked for future development.

According to the company, demand across its office campuses remains healthy. A significant portion of the office space under construction and scheduled for delivery over the next 12 months has already been pre-committed, providing visibility for future leasing.

Mindspace REIT has also expanded its development pipeline with two new office projects and two hotels. The additions form part of its strategy to create integrated business campuses combining workplaces with hospitality and other amenities.

The latest performance also highlights the growing importance of Chennai within Mindspace’s broader portfolio. Chennai remains one of India’s key office markets, supported by technology companies, Global Capability Centres and diversified business activity.

Mindspace Business Parks REIT, sponsored by the K Raheja Corp Group, was listed on Indian stock exchanges in 2020. Since then, it has focused on building and managing Grade A commercial office assets across major business districts.

With leasing momentum continuing and a sizeable development pipeline in place, the REIT enters the rest of FY27 with a combination of recurring income, committed office demand and additional capacity under development.