Mindspace Business Parks REIT (K Raheja Corp Group) Reports Q1 FY27 Results: Net Operating Income Rises 28% to ₹788 Crore

Record Performance Continues for Mindspace REIT

Mindspace Business Parks REIT, a K Raheja Corp-backed real estate investment trust, reported a 27.8 percent year-on-year increase in its net operating income to ₹788 crore for Q1 FY27. The REIT's revenue from operations for the quarter stood at ₹951 crore, up 26.4 percent year-on-year.

Growth Drivers: Rental Income and Portfolio Expansion

The increase in NOI was driven by higher rental income, supported by acquisitions, healthy leasing activity and sustained high occupancy across the portfolio.

During Q1 FY27, Mindspace announced two new office buildings and two new hotels spread across 1.7 million square feet in Pune, Mumbai, and Hyderabad. Mindspace is working on an under-construction project pipeline of 6.6 million square feet.

Portfolio and Asset Base

The REIT's portfolio size stands at around 46.2 million square feet with a gross asset value of ₹51,890 crore. The REIT owns quality office assets located in the Mumbai Region, Pune, Hyderabad, and Chennai, and has one of the largest Grade-A office portfolios globally. The portfolio consists of a diversified and high-quality tenant base, with over 270 tenants.

Growth Trajectory and Future Momentum

Most of the REIT's under-construction office assets due for delivery over the next twelve months are already pre-committed, with demand for its campuses remaining strong. Quarter-on-quarter, Mindspace's NOI grew 6.19 percent.

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, was listed on the Indian bourses in August 2020. The commercial portfolio was carved into the listed entity following the group's strategic shift towards the build-and-hold model for Grade A commercial real estate.