Mindspace REIT's Q2 net operating income jumps 18% to Rs 491 crore

Mindspace Business Parks REIT has posted an 18 per cent increase in its net operating income (NOI) to Rs 491 crore for the second quarter of this fiscal. Its NOI stood at Rs 417 crore in the year-ago period. The revenue from operation rose 21 per cent to Rs 600 crore in the July-September period from Rs 497 crore in the corresponding period of the previous year, according to a regulatory filing on Monday. Mindspace REIT has declared a distribution of Rs 284 crore or Rs 4.79 per unit for the second quarter of this fiscal. Of this, around 90 per cent is in the form of dividends, tax-exempt in the hands of unitholders. Ramesh Nair, Chief Executive Officer of K Raheja Corp Investment Managers, the manager of Mindspace REIT, said, "We have had a good quarter in terms of NOI growth". "India's tech prominence and growing office space demand, driven by GCCs, is promising, and the IT industry considering a return to a 5-day office week is encouraging. "While short-term challenges are exp

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