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Mindspace Business Parks REIT has announced a distribution of INR 431 crore to unitholders for the quarter ended March, reflecting a 10% year-on-year increase. The REIT also reported a 37.4% rise in net operating income (NOI) to INR 742 crore for the quarter, supported by higher occupancy and leasing activity. Gross leasing stood at 3.5 million sq ft during the period, with annual leasing reaching 7.13 million sq ft. The performance highlights sustained demand for Grade A office assets across key markets including Mumbai, Pune, Hyderabad, and Chennai.
Mindspace Business Parks REIT has declared a distribution of INR 431 crore to its unitholders for the quarter ended March in the past week, marking a 10% increase compared to INR 392 crore distributed in the corresponding period of the previous year, according to a regulatory filing. Advertisement
The real estate investment trust reported a net operating income (NOI) of INR 742 crore for the January–March quarter, registering a growth of 37.4% from INR 540 crore recorded a year earlier. For the full financial year, NOI increased by 29.2% to INR 2,664 crore, reflecting improved operating performance across its portfolio.
Leasing activity remained strong during the quarter, with gross leasing of 3.5 million sq ft. This took the cumulative leasing for the financial year to 7.13 million sq ft, indicating sustained occupier demand for office space across key markets.
Ramesh Nair, managing director and chief executive officer of Mindspace REIT, stated that the company recorded growth across key performance indicators, including occupancy levels, leasing volumes, NOI, and distributions during the financial year. He noted that early commitments from large tenants, particularly in Hyderabad, reflected confidence in the office market.
Mindspace Business Parks REIT, sponsored by the K Raheja Corp group, owns and operates a portfolio of Grade A office assets across the Mumbai Metropolitan Region, Pune, Hyderabad, and Chennai. These markets continue to attract occupiers across sectors such as information technology, financial services, and global capability centres.
The reported performance aligns with broader trends in India’s office real estate sector, where demand for high-quality office spaces has remained stable, supported by leasing from large enterprises and expansion by multinational firms.
Source - PTI
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