Business Parks
Hyderabad
Infrastructure Development
Investment
Minspace
Mumbai
Property Investment
Pune
REIT
Mindspace REIT Posts ₹540 Cr Q4 Net Income, Achieves Record Leasing and Distribution
Mindspace Business Parks REIT reported a strong financial performance for the quarter ending March 2025, with net operating income (NOI) rising 13% year-on-year to ₹540 crore. The company also announced a quarterly distribution of ₹392 crore, marking its highest-ever growth since listing.
For the full financial year 2024–25, NOI increased by 8.9% to ₹2,061.6 crore, while the total distribution to unitholders rose 15.5% to ₹1,312 crore. Mindspace achieved gross leasing of 2.8 million sq. ft. in Q4, pushing annual leasing to 7.6 million sq. ft.—the company’s best performance since going public.
In Hyderabad, the company pre-leased a 1.5 million sq. ft. building under redevelopment at Mindspace Madhapur to a major multinational captive center. Additionally, it received an Occupation Certificate for a 1 million sq. ft. building at Gera Commerzone Kharadi, Pune, which is also entirely pre-leased.
Mindspace REIT is currently developing an under-construction pipeline of 3.7 million sq. ft. and continues to expand through strategic acquisitions. It completed its first Right of First Offer (ROFO) deal by acquiring Sustain Properties Pvt. Ltd., housing 1.8 million sq. ft. at Commerzone Raidurg, Hyderabad. The REIT also acquired 0.26 million sq. ft. at Mindspace Madhapur, consolidating its ownership.
In leadership updates, Ramesh Nair, currently CEO, has been appointed Managing Director for a five-year term. The board also welcomed Akshaykumar Chudasama, Managing Partner at Shardul Amarchand Mangaldas & Co., as a Non-Executive Independent Director.
“FY25 has been a record-breaking year for us,” said Nair. “We achieved our highest-ever leasing and quarterly distribution, and committed occupancy rose to 93%. Our Net Asset Value grew 10%, driven by rising rentals, acquisitions, and the completion of pre-leased buildings. We remain optimistic about long-term growth supported by strong demand and proactive leasing.”
Mindspace Business Parks REIT, backed by K Raheja Corp, owns and operates office spaces in Mumbai, Pune, Hyderabad, and Chennai, totaling 37.1 million sq. ft., including 30 million sq. ft. completed, 3.7 million under construction, and 3.4 million for future development.
