Mindspace Airoli East
Mumbai: Mindspace Business Parks REIT leased over 7.1 million sq ft of office space in 2025-26, underscoring strong demand across key markets, even as it reported robust growth in income and distributions for the March quarter.
Of this, the listed Real Estate Investment Trust (REIT) has reported gross leasing of around 3.5 million sq ft during the March quarter, driven by sustained demand from global corporates and early-stage commitments in key micro-markets.
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Portfolio committed occupancy rose 120 basis points sequentially to around 95.7%, aided by pre-leasing momentum, particularly in Hyderabad. The REIT pre-leased nearly 2 million sq ft at its Mindspace Madhapur asset, including 1.5 million sq ft in a redevelopment project at an average rental of Rs 116 per sq ft.
Net operating income (NOI) for the quarter grew 37.4% year-on-year to Rs 742 crore, while revenue from operations rose 31% to Rs 888 crore. For the full year, NOI increased 29.2% to Rs 2,664 crore, reflecting both leasing traction and rental escalations, the REIT said in a release.
“This was a very strong year across every metric, occupancy, leasing, NOI growth and distributions. As seen in Hyderabad, large tenants are committing early and that is the clearest signal of market confidence. Our Chennai investments have scaled meaningfully, and the timing could not have been better…we remain focused on execution,” said Ramesh Nair, MD & CEO, Mindspace REIT.
Mindspace REIT declared its highest-ever quarterly distribution of Rs 6.64 per unit, with total payout at Rs 431 crore. This marks a 9.7% year-on-year increase in distributions, excluding a one-off tax refund in the base period.
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Re-leasing spreads remained robust at 40.3% for the quarter and 31.8% for 2025-26, while in-place rents stood at Rs 80.4 per sq ft per month, with a mark-to-market upside of nearly 22%.
The REIT’s net asset value rose 9% to Rs 527 per unit as of March-end, while gross asset value increased to Rs 47,635 crore. Its loan-to-value ratio stood at 24.3%, with cost of debt largely stable at 7.41%.
Mindspace REIT is also expanding its Chennai presence through Rs 5,541 crore acquisitions, which will increase its footprint in the city to 6.3 million sq ft, making it one of the largest office asset owners in the city.
Of this, the listed Real Estate Investment Trust (REIT) has reported gross leasing of around 3.5 million sq ft during the March quarter, driven by sustained demand from global corporates and early-stage commitments in key micro-markets.
Also Read: House of Hiranandani secures Rs 3,000 cr redevelopment project in Mumbai’s Borivali
Portfolio committed occupancy rose 120 basis points sequentially to around 95.7%, aided by pre-leasing momentum, particularly in Hyderabad. The REIT pre-leased nearly 2 million sq ft at its Mindspace Madhapur asset, including 1.5 million sq ft in a redevelopment project at an average rental of Rs 116 per sq ft.
Net operating income (NOI) for the quarter grew 37.4% year-on-year to Rs 742 crore, while revenue from operations rose 31% to Rs 888 crore. For the full year, NOI increased 29.2% to Rs 2,664 crore, reflecting both leasing traction and rental escalations, the REIT said in a release.
“This was a very strong year across every metric, occupancy, leasing, NOI growth and distributions. As seen in Hyderabad, large tenants are committing early and that is the clearest signal of market confidence. Our Chennai investments have scaled meaningfully, and the timing could not have been better…we remain focused on execution,” said Ramesh Nair, MD & CEO, Mindspace REIT.
Mindspace REIT declared its highest-ever quarterly distribution of Rs 6.64 per unit, with total payout at Rs 431 crore. This marks a 9.7% year-on-year increase in distributions, excluding a one-off tax refund in the base period.
Also Read: Blackstone-backed Bagmane Prime Office REIT files Rs 3,405-cr IPO
Re-leasing spreads remained robust at 40.3% for the quarter and 31.8% for 2025-26, while in-place rents stood at Rs 80.4 per sq ft per month, with a mark-to-market upside of nearly 22%.
The REIT’s net asset value rose 9% to Rs 527 per unit as of March-end, while gross asset value increased to Rs 47,635 crore. Its loan-to-value ratio stood at 24.3%, with cost of debt largely stable at 7.41%.
Mindspace REIT is also expanding its Chennai presence through Rs 5,541 crore acquisitions, which will increase its footprint in the city to 6.3 million sq ft, making it one of the largest office asset owners in the city.
