Mindspace REIT Aims for 50% NOI Growth with Expansion Plans

Mindspace Business Parks REIT plans a 50% increase in net operating income over the next 3-4 years through an expansion that will involve investing Rs 4,200 crore in 8 million sq ft of new space. The REIT currently has a net operating income of Rs 2,000 crore.

Mindspace Business Parks Real Estate Investment Trust (REIT) is targeting a 50% increase in its net operating income (NOI) over the next three to four years, according to Chief Financial Officer Preeti Chheda. The projected growth is attributed to a strategic expansion program that will see an investment of over Rs 4,200 crore for an additional 8 million square feet of development.

Currently, the REIT reports a NOI of Rs 2,000 crore. Chheda adds that the company, which has just completed five years since its stock exchange listing, holds a portfolio consisting of 30 million sq ft, with an additional 3.5-4 million sq ft under construction. Additional plans include 4 million sq ft pending regulatory approvals, with new project construction expected to commence in the following 12-18 months.

According to Managing Director and Chief Executive Ramesh Nair, the trust remains resilient against global trade shifts and the rise of artificial intelligence due to its cost-effective value proposition. With a major share of its NOI increasingly contributed by Indian corporates and strong interest from multinationals operating in tech sectors, the REIT continues to thrive on Indian soil.