Mindspace REIT Partners with Global Network for Zero (GNFZ) to Transition Entire ~39 Million Sq Ft Portfolio to Net-Zero Certification Pathway by 2042
Mindspace REIT Commits to Portfolio-Wide Net-Zero Pathway
On 23 April 2026, Mindspace Business Parks REIT, owner of a Grade A office portfolio in India, announced a landmark partnership with the Global Network for Zero (GNFZ). The collaboration aims to transition the REIT's entire ~39 million sq ft portfolio to a net-zero certification pathway, marking one of the largest portfolio-level decarbonization initiatives in India's commercial real estate sector.
From Building-Level to Portfolio-Wide Action
The partnership signals a strategic shift for Mindspace REIT, moving from individual building-level certifications to a unified, portfolio-wide approach. By aligning with GNFZ—an internationally recognized authority on net-zero standards—the REIT is anchoring its sustainability strategy in verifiable, data-driven climate benchmarks.
This structured roadmap will focus on addressing Scope 1, Scope 2, and critical Scope 3 emissions across its value chain, including tenants and suppliers. The initiative is expected to accelerate renewable energy integration and enable centralised energy tracking across all assets.
Track Record and 2042 Target
As of FY2025, Mindspace REIT has reduced Scope 1 and Scope 2 emissions by 32.2 per cent and increased renewable energy usage to 40.2 per cent, while maintaining a 5-star GRESB rating for three consecutive years. The REIT is targeting net-zero emissions by 2042 and has joined RE100, committing to 100% renewable electricity by 2050.
Leadership Perspective
Ramesh Nair, CEO and MD, K Raheja Corp Investment Managers Private Limited, stated: "Sustainability, for us, has always been about action, not announcements. When we set our net-zero target for 2042, we committed to backing it with real, measurable steps across every asset we own. This partnership with GNFZ does exactly that – it puts our entire portfolio on a clear, accountable path to net zero."
Mahesh Ramanujam, President & CEO, GNFZ, highlighted the global significance of the move, stating: "India has an opportunity to lead the next chapter of global real estate decarbonisation, and this collaboration with Mindspace REIT sets a powerful precedent for the market. By committing an entire high-quality portfolio to a structured net-zero pathway, the REIT is not only raising the bar within India but also demonstrating global leadership in how real estate owners can scale climate action."
Portfolio Overview
Mindspace Business Parks REIT, sponsored by K Raheja Corp group and listed on Indian bourses in August 2020, owns quality office assets located in four key office markets of India: Mumbai Region, Pune, Hyderabad, and Chennai. The portfolio has a total leasable area of 39.0 msf, comprising 31.9 msf of completed area, 3.6 msf of area under construction, and 3.5 msf of future development. The portfolio consists of 5 integrated business parks and 9 quality independent office assets with superior infrastructure and amenities, and has a diversified and high-quality tenant base, with over 270 tenants.
About Global Network for Zero
The Global Network for Zero (GNFZ) is the world's premier independent net zero certification body. Based on the GHG Protocol—a global framework for measuring, managing and reducing emissions from private and public sector operations, value chains, products, cities and policies—GNFZ's certification is rating system agnostic, aligns with the Paris Agreement and provides a path to calculate and eliminate Scope 1, 2 and 3 emissions.