Overview: Mindspace Business Parks REIT

Total Leasable Area



4.4 msf



Future Development


Special Purpose <br>Vehicles (SPVs)

Special Purpose
Vehicles (SPVs)


Office Assets

Office Assets



Spread across

Mumbai Region, Hyderabad, Pune and Chennai


Largely operates under

Mindspace, Commerzone and The Square Brands

The Total Leasable Area displayed above is as on 31st March, 2024.

Who We Are

Mindspace REIT welcomes you to the future of efficient and equitable workspaces

Our portfolio comprises five integrated business parks and five quality independent offices, totalling 33.2 msf of total leasable area, comprising 26.3 msf of completed area, 4.4 msf of under-construction area and 2.5 msf of the future development area, as of 31st March, 2024.

Our Portfolio

  • Mindspace Airoli East, Mindspace Airoli West, Paradigm Mindspace Malad and The Square, Avenue 61 (BKC) in Mumbai Region
  • Mindspace Madhapur and Mindspace Pocharam in Hyderabad
  • Commerzone Yerawada, Gera Commerzone Kharadi and The Square Signature Business Chambers (Nagar Road) in Pune
  • Commerzone Porur in Chennai

Our IT and office spaces are distinguished by their scale and infrastructure. They are located in the established micro-markets of their respective portfolio markets, with proximity and/or connectivity to major business, social, and transportation infrastructure. We believe that our portfolio assets allow us to attract large, quality tenants and position us as the 'landlord of choice' for large multinational clients who have a pan-India presence.

As of 31st March, 2024, our portfolio is well diversified with 220+ tenants and no single tenant contributed more than 4.2% of our Gross Contracted Rentals. Our tenant base comprises a mix of multinational and Indian corporates.

The data indicated above is as on 31st March, 2024. On 2nd September 2023, Mindspace REIT through its Asset SPV, Horizonview Properties Private Limited, acquired c.0.24 msf area in Commerzone Porur, Chennai.


Anbee Constructions LLP (“ACL”) and Cape Trading LLP (“CTL”) are the Sponsors of the Mindspace Business Parks REIT. Both ACL and CTL form part of the K Raheja Corp Group.

K Raheja Corp Business Overview


Grade A Office Spaces

Developed >36.4 msf


Commercial business parks

3,300+ operational keys


Malls K raheja corp

4 malls


Residential places K Raheja

Developed residential spaces across 5 key cities


Investing in REIT India

Leading retail platform with 270+ stores across India

All the data mentioned here is as on 31st March, 2024

To know more about K Raheja Corp Group

Click Here


Axis Trustee Services Limited is the Trustee of Mindspace REIT. The Trustee is a registered intermediary with SEBI under the SEBI Debenture Trustee Regulations, as a debenture trustee having registration number IND000000494. As the Trustee, it ensures compliance with statutory requirements and believes in ethical standards and best practices in corporate governance. It aims to provide best services in the industry with its well trained and professionally qualified staff. The Trustee is involved in varied facets of debenture and bond trusteeships, including, advisory functions and management functions. The Trustee also acts as a security trustee and is involved in providing services with respect to security creation, compliance and holding security on behalf of lenders.

Axis Bank Trustee

Axis Trustee Services Limited

The Ruby, 2nd Floor, Senapati Bapat Marg, Dadar (West), Mumbai 400028
Tel: +91 22 6230 0451 | E-mail: debenturetrustee@axistrustee.com
Website: www.axistrustee.com


K Raheja Corp Investment Managers Private Limited (earlier known as K Raheja Corp Investment Managers LLP) is the Manager of the Mindspace Business Parks REIT (Mindspace REIT). The Manager shall be responsible for managing the assets and investments of the Mindspace REIT and undertaking operational activities of the Mindspace REIT in accordance with the SEBI (Real Estate Investment Trust) Regulations, 2014 and the Investment Management Agreement.

Know More

Mindspace REIT Structure

Mindspace REIT Structure

Growth Strategy

Beyond business operations,
towards long-term value

At Mindspace REIT, our focus has always been to give back more to society than what we derive. Our partners and stakeholders see the value we are able to generate by inculcating the sustainability model at the core of our operations, helping us differentiate ourselves.

Our proficiency in active asset management, ability to cultivate long-standing relationships with occupiers and the deployment of optimum capital structure, have collectively helped us in generating strong returns on investment for our unitholders, and we plan to steadily move onwards and upwards.

Sustainable pillars of growth

Mindspace REIT has always been ahead of the curve in identifying the upcoming trends in premium business spaces that cater to the ever evolving needs of global employers and their millennial workforce.

This has been the driving principle, in curating community-based, ecosystems that are dynamic, smart and guided by the pillars of sustainability.

Financial discipline

We always prioritise our approach towards financial management by ensuring comfortable leverage, generating free cash flow and ensuring long-term value creation for our unit holders.


Distribution yield

(Annualized distribution yield basis Q4 FY24 distribution calculated on closing price of INR 345 p.u. as on 31st March 2024)


Net Debt to Market Value

(For the purpose of Net Debt and LTV calculation, Cash and Cash Equivalents, Fixed Deposits (with tenure > 3 months) which can be liquidated when required, accounting & minority adj. are reduced from Gross Debt; and Market value is as on 31st March 2024)

Robust portfolio

The Mindspace REIT portfolio encompasses finest assets that are sustainably built and curated to provide an engaging experience for our tenants. Our reach across important micro-markets is reflective of a strong portfolio that provides strategic value created on tenant retention and addition and footprint expansion. We continue to explore strategic value-accretive organic and inorganic opportunities to strengthen our presence.

33.2 msf

Total leasable area

2.0 msf

Gross leasing in Q4FY24

Our human capital

We invest in our people and care deeply about our human and intellectual resources. We value the expertise our dynamic team brings in and celebrate the diversity they offer.

6+ hours

Average ESG Training Hours per employee

Valued partnerships and community initiatives

We work closely with our stakeholders, business partners, and tenants alike to forge an engaging and mutually beneficial partnership. We also believe in nurturing and empowering our communities, especially women and children, through education, training, upskilling and reskilling.


Total tenants


Students benefited from 'Room to Read', and "Deeds Public Charitable Trust", literacy initiatives supported by Mindspace REIT

Owning our actions

As a responsible corporate citizen, it is our mission to constantly work towards judiciously using natural resources and adopting smart and sustainable practices across our properties. We are committed to the sustenance needs of our future generations and have made sustainability a way of work and life at Mindspace REIT. We strive to create a meaningful impact on the ecology by adopting efficient practices like electric mobility, energy and water conservation, renewable energy, etc.

1.93 MW

Installed capacity of Solar PV

Commitment to 100% renewable energy usage by 2050

Committed to 100% electric mobility within the parks

Awards & Accolades

ET Realty Award

Commercial Project - Office Building (Metro: Ongoing) for Building No. 9 (Airoli, West)

By ET Realty Awards

Mindspace Airoli West

ET Realty Award

Commercial Project - Business / IT Parks (Metro: Ongoing) for Gera Commerzone Kharadi

By ET Realty Awards

Gera Commerzone Kharadi

British Safety Council

Received '9 Sword of Honour Awards' on the back of its Five Star Occupational Health and Safety Rating

By British Safety Council

Mindspace Business Parks REIT

Construction Week Awards 2022

Construction Week Awards 2022 for the Real Estate company of the year

By Construction Week Awards

Mindspace Business Parks REIT

Great Place To Work

Mindspace REIT featured in India's Great Mid-size Workplaces 2022

By Great Place to Work

Mindspace Business Parks REIT


Architects Engineers & Surveyors Association Pune (AESA) Award


Commerzone Kharadi


Received Platinum LEED O&M certification across 7 Buildings & LEED Gold O&M across 5 Buildings


Mindspace Madhapur

ET Realty Award

Commercial Project - Office Building (Metro: Completed) for Building No. 9 (Airoli, West)
and Business / IT Parks (Non-Metro: On-Going) for Gera Commerzone Kharadi

By ET Realty Awards

Mindspace Airoli West, Gera Commerzone Kharadi


9 'Sword of Honour' awards by British Safety Council. Honoured for its occupational Health and Safety practices, benchmarked to global standards

By British Safety Council

Mindspace Airoli West, Mindspace Airoli East, Paradigm Mindspace Malad, Mindspace Madhapur, Commerzone Yerawada

National Award (Builder)

for Office / Commercial having more than 1 lakh sqft super built up area.

By CREDAI Telangana's CREATE Awards 2021

Mindspace Madhapur, Hyderabad

National Award (Builder)

'National Award (Builder) for the year 2021'

By Construction World Architect and Builder

Mindspace Business Parks REIT

Noteworthy Project award

'Noteworthy Project award for the year 2021'

By Construction World Architect and Builder

Gera Commerzone, Kharadi

Mindspace Airoli West

'British Safety Councils Five Star rating in the Five Star Occupational Health and Safety Audit for following Complexes in the year 2020 – 21'

By British Safety Council

Mindspace Airoli West, Mindspace Airoli East, Commerzone Pune, Mindspace, Madhapur Hyderabad

Mindspace Airoli West

'Sword of Honour for outstanding commitment to Health and Safety for following Complexes in the year 2020 - 21'

By British Safety Council

Mindspace Airoli West, Commerzone Pune

Mindspace Airoli West

'Best Commercial Project of the Year - Gera Commerzone Kharadi'

By Realty Plus Conclave & Excellence Awards

Mindspace Gera Commerzone Kharadi

Best Real Estate IPO India 2020

'Environment friendly project of the year '

By Estate Awards

Mindspace Business Parks, Airoli West (Mindspace REIT)

Best Real Estate IPO India 2020

'Mindspace: Best Real Estate IPO India 2020'

By CFI.co

Mindspace Business Parks REIT Projects

Mindspace Airoli East

'Seal Environmental Sustainability Initiative Award for Mindspace Business Parks'

By Seal

Mindspace Business Parks

Mindspace Airoli East

'British Safety Council Covid-19 Assurance Statements'

By British Safety Council

Mindspace Airoli West, Mindspace Airoli East, Mindspace Hyderabad,
Commerzone Pune, The Square, Pune, Paradigm, Malad

Mindspace Airoli West

'Environment Friendly Commercial Space Award for Mindspace Business Parks'

By Realty Plus Conclave & Excellence Awards

Mindspace Airoli (West), Commerzone Porur

Mindspace Airoli East

'Mindspace, Airoli East bagged the Award for the 'Best Environment-Friendly Office Space'

By The Economics Times

Mindspace Airoli East

Mindspace Airoli East

'British Safety Council's Five Star rating for Mindspace Airoli'

By British Safety Council

Mindspace Airoli (East)

Mindspace Airoli West

'Mindspace, Airoli West received the Award for ‘Best Commercial Project of the Year'

By Realty Plus Conclave & Excellence Awards

Mindspace Airoli (West)

Mindspace Airoli East

Best Sustainable Project Commercial – Mindspace Business Park, Airoli, Navi Mumbai

By Golden Brick Award

Mindspace Airoli (East)

Mindspace Madhapur

IGBC Green Campus certification of Gold Rating

By Indian Green Building Council

Mindspace Madhapur

Commerzone Yerawada

Commerzone Pune - Best Commercial Business Park

By Realty Plus Conclave and Excellence Awards 2018 - Pune

Commerzone Yerawada

Award Commercial park

'K Raheja Corp's Mindspace – Airoli East' wins the 'Times Realty Icons 2017 Award' for Iconic Business Park

By Times Group

Mindspace Airoli (East)

Mindspace Airoli

IGBC'S LEED India Core and Shell Gold for Mindspace Building no. 9, Airoli, Navi Mumbai

By Indian Green Building Council

Mindspace Airoli (East)

certification energy & environmental design

Received the LEED Platinum Certificate for Kharadi, Pune

By Indian Green Building Council

Gera Commerzone Kharadi