Mindspace Business Parks REIT: Forging Ahead with Growth in Commercial Real Estate

Mindspace Business Parks REIT reported a 5% increase in net operating income in the second quarter, amounting to Rs 503.7 crore. The company leased 1 million square feet and raised occupancy to 91.7%, while planning significant real estate expansions. It also announced strategic acquisitions in Hyderabad.

Mindspace Business Parks REIT announced a 5% rise in net operating income to Rs 503.7 crore for the second quarter of this fiscal year, along with a distribution of Rs 305.4 crore for the July-September period.

The NOI stood at Rs 491.2 crore in the corresponding period last year. CEO Ramesh Nair highlighted the robust demand for high-quality office spaces and reported a 91.7% occupancy rate after leasing 1 million square feet.

Looking ahead, Mindspace REIT plans to expand its data center portfolio to 1.68 million square feet and received board approval for a strategic acquisition in Hyderabad's Mindspace Madhapur. The company continues to develop its projects to meet the growing demands for scalable and premium office solutions.

(With inputs from agencies.)