Hyderabad to Get New Mindspace REIT Office Project, Hotel; Q1 Revenue Rises 26%

Mindspace Business Parks REIT is expanding its Hyderabad footprint with a new office building and a hotel as part of its integrated business campus strategy, signalling continued confidence in the city's Grade A office market. The expansion comes as the office REIT reported a 26.4% year-on-year increase in revenue and 27.8% growth in net operating income (NOI) for the quarter ended June 30, 2026. 

The company has launched two new office projects and two hotels across Hyderabad, Mumbai and Pune, covering around 1.7 million sq. ft., taking its overall portfolio to 46.2 million sq. ft., subject to approvals.

Mindspace REIT reported revenue from operations of Rs. 951 crore in Q1 FY27, compared with Rs. 752 crore in the corresponding quarter last year. Net Operating Income increased to Rs. 788 crore, while distribution per unit rose 15.2% to a record Rs. 6.67.

The REIT is currently developing a 6.6 million sq. ft. office pipeline, with most of the projects scheduled for delivery over the next 12 months already pre-committed, indicating sustained demand from occupiers.

During the quarter, the company recorded gross leasing of around 0.9 million sq. ft. across its portfolio. In-place rents stood at around Rs. 81 per sq. ft. per month, with a 19.6% mark-to-market rental upside.

As part of its mixed-use campus strategy, Mindspace REIT also announced a new hotel in Hyderabad, pre-leased to Chalet Hotels Ltd. The addition will take its hospitality portfolio to five hotels across its business campuses.

"We delivered year-on-year NOI growth of 27.8% and a distribution of Rs. 6.67 per unit, up 15.2% over the prior year. These results reflect the strength of our portfolio, the quality of our assets and disciplined execution. With most of our under-construction office assets due for delivery over the next twelve months already pre-committed, demand for our campuses remains strong," said Ramesh Nair, Managing Director and CEO, Mindspace REIT.

He added that the newly launched office projects and hotels would further strengthen the company's integrated campus ecosystem and enhance the occupier experience.

Mindspace REIT declared a distribution of around Rs. 442 crore for the quarter. The record date is August 8, 2026, while payments will be processed on or before August 14, 2026.