Mindspace Business Parks REIT
REITREITOFFICE_RETAIL_REIT registry symbol MINDSPACE
Overview · Triage · History · Financial statements · NAV & valuation · Distributions · Assets · Earnings calls · Debt · Unitholding · Documents
Overview
| Field | Value | Source |
|---|---|---|
| Listing class | REIT | MINDSPACE_227d027d18df p19: “10 each, fully paid up Note: At the time of initial public offer, the Trust has issued units as consideration to acquire these investments wherein the tradable REIT Unit has been issued at Rs 275 each.” |
| Sector | OFFICE_RETAIL_REIT | — |
| Files on disk | 298 | |
| Distributions on record | 6 | |
| Accepted statements | 16 | 157 rejected (reasons below) |
Triage — is the trust returning income or returning the unit?
| Measure | Value | Basis |
|---|---|---|
| TTM DPU | 12.23 | declared, from the notices |
| TTM DPU ex return of capital | 12.23 | 0.0% of the distribution is capital returned |
| NAV per unit (fair value), latest accepted | 384.00 | 2025-03-31 |
| NAV per unit, earliest accepted | 181.00 | 2023-03-31 |
History — DPU split by component
| Period end | Type | DPU ₹ | Interest | Dividend | Div (taxable) | Div (exempt) | Return of capital | Repayment of debt | Other | Capital returned % | Basis |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022-06-30 | quarter | 4.74 | — | — | — | — | — | — | — | — | STATED |
| 2022-12-31 | quarter | 4.80 | — | — | — | — | — | — | — | — | STATED |
| 2023-09-30 | half | 4.79 | — | — | — | — | — | — | — | — | STATED_NO_PERIOD_IN_SENTENCE |
| 2024-06-30 | quarter | 5.04 | — | — | — | — | — | — | — | — | STATED_NO_PERIOD_IN_SENTENCE |
| 2025-03-31 | quarter | 6.44 | — | — | — | — | — | — | — | — | STATED |
| 2025-06-30 | quarter | 5.79 | — | — | — | — | — | — | — | — | STATED |
Financial statements (accepted 16, rejected 157)
NAV · CONSOLIDATED · 2024-09-30, 2024-03-31 · INR million MINDSPACE_4f082a816dd3 p14
| Line | 2024-09-30 | 2024-03-31 |
|---|---|---|
| MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 Condensed Consolidated Financial Statements (All amounts are in Rs. million unless otherwise stated) Disclosure pursuant to SEBI circular No. CIR/IMD/DF/146/2016 A) Statement of Net Assets At Fair Value Book Value* Fair value Book Value* Fair value A Assets | 243,053.81 | 339,940.02 |
| B Liabilities** | 97,001.47 | 94,883.02 |
| C Net Assets (A-B) | 146,052.34 | 245,057.00 |
| D Less: Non controlling interests | 7,641.73 | 12,260.76 |
| E Net Assets attributable to unit holders of Mindspace REIT (C-D) | 138,410.61 | 232,796.24 |
| F No. of units | 593,018,182.00 | 593,018,182.00 |
| G Net Assets Value per unit (E/F) | 233.40 | 392.56 |
| * as reflected in the Balance Sheet **Refer Note -5 below Measurement of fair values: The fair values of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress are solely based on an independent valuation performed by an external property valuer ("independent valuer"), having appropriately recognised professional qualification and recent experience in the location and category of the properties being valued. Other assets include cash and cash equivalents, other bank balances and other working capital balances which are not factored in the discounted cashflow method used in determining the fair value of investment property, investment property under development, property, plant and equipment, capital work-in-progress and intangibles. S.No Particulars As at 30 September 2024 (Unaudited) Valuation technique The fair value measurement for all of the Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress (excluding Pocharam) has been categorized as a Level 3 fair value based on the inputs to the valuation technique used. The valuer has followed a Discounted Cash Flow method, except for valuation of land for future development where the valuer has adopted Market Approach or Government Benchmark Price / Guideline Value as may be applicable. The Discounted Cash Flow valuation model considers the present value of net cash flows to be generated from the respective properties, taking into account the expected rental growth rate, vacancy period, occupancy rate, and lease incentive costs. The expected net cash flows are discounted using the risk adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location (prime vs secondary), tenant credit quality, lease terms and investor return expectations from such properties. The existing buildings in Pocharam are unoccupied. Considering the absence of leasing demand in the near term, and therefore no expected income stream and also since the asset is held for sale, the Valuer has opted for the Cost Approach. Under this method, the land component is assessed using the Comparable Sales/Quoted Instances Method under the Market Approach while building and plant & machinery components have been valued using the Depreciated Replacement Cost Method. As at 31 March 2024 (Audited) MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 Condensed Consolidated Financial Statements (All amounts are in Rs. million unless otherwise stated) Disclosure pursuant to SEBI circular No. CIR/IMD/DF/146/2016 Fair value of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in- progress Other assets at book value Total assets 20,354.43 1,637.41 21,991.84 40,585.84 1,204.68 41,790.52 65,751.24 1,359.51 67,110.75 MBPPL - Mindspace Airoli East | 48,877.26 | — |
| MBPPL - Mindspace Pocharam** | 1,484.27 | — |
| MBPPL - Commerzone Yerwada | 19,389.16 | — |
| MBPPL - The Square, Nagar Road | 9,062.72 | — |
| 53,541.13 1,032.60 54,573.73 Avacado - Mindspace Malad | 11,619.02 | — |
| Avacado - The Square, BKC | 4,988.86 | — |
| KRC Infra - Gera Commerzone Kharadi | 32,272.68 | — |
| KRC Infra - Camplus | 7,788.00 | — |
| Horizonview 11,698.55 283.39 11,981.94 Mindspace REIT - 52,753.42 52,753.42 Less: Eliminations and Other Adjustments* - (51,608.58) (51,608.58) 3,27,413.16 12,526.86 3,39,940.02 Less: Non-controlling interest (13,936.07) (486.60) (14,422.67) 3,13,477.09 12,040.26 3,25,517.35 Gigaplex Avacado KRC Infra Total 402.07 17,009.95 Total attributable to unitholders 1,658.11 41,718.79 | 82,617.66 | — |
| Intime KRIT Sundew MBPPL * It includes eliminations primarily pertaining to lending to SPVs by Mindspace REIT and consolidation adjustments ** Classified as "Asset Held for Sale" Notes Project wise break up of fair value of assets as at 30 September 2024 is as follows Particulars | 3,804.25 | — |
NAV · UNSTATED · 2023-09-30, 2023-03-31 · UNKNOWN MINDSPACE_8a452ba3b6a2 p93
| Line | 2023-09-30 | 2023-03-31 |
|---|---|---|
| Disclosure pursuant to SEBI circular No. CIR/IMD/DF/146/2016 (A) Statement of Net Assets at fair value S. No. Particulars As at September 30, 2023 (Unaudited) As at March 31, 2023 (Audited) Book Value* Fair Value Book Value* Fair Value A Assets | 235,203.00 | 310,710.00 |
| B Liabilities** | 82,641.00 | 79,842.00 |
| C Net Assets (A-B) | 152,562.00 | 230,868.00 |
| D Less: Non controlling interests | 7,746.00 | 11,666.00 |
| E Net Assets attributable to unit holders of Mindspace REIT (C-D) | 144,816.00 | 219,202.00 |
| F No. of units | 593,018,182.00 | 593,018,182.00 |
| G Net Assets Value per unit (E/F) | 244.00 | 370.00 |
| * as reflected in the Balance Sheet ** Refer Note-5 below Measurement of fair values: The fair values of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress are solely based on an independent valuation performed by an external property valuer (“independent valuer”), having appropriately recognised professional qualification and recent experience in the location and category of the properties being valued. Other assets include cash and cash equivalents, other bank balances and other working capital balances which are not factored in the discounted cashflow method used in determining the fair value of investment property, investment property under development, property, plant and equipment, capital work-in-progress and intangibles. Valuation Technique The fair value measurement for all of the Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress has been categorized as a Level 3 fair value based on the inputs to the valuation technique used. The valuer has followed a Discounted Cash Flow method, except for valuation of land for future development where the valuer has adopted Market Approach or Government Benchmark Price / Guideline Value as may be applicable. The Discounted Cash Flow valuation model considers the present value of net cash flows to be generated from the respective properties, taking into account the expected rental growth rate, vacancy period, occupancy rate, and lease incentive costs. The expected net cash flows are discounted using the risk adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location (prime vs secondary), tenant credit quality, lease terms and investor return expectations from such properties. Notes 1. Project wise break up of fair value of assets as at September 30, 2023 is as follows: Particulars Fair value of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress Other assets at book value Total assets Intime | 19,102.00 | 1,763.00 |
| KRIT | 35,219.00 | 653.00 |
| Sundew | 63,407.00 | 619.00 |
| MBPPL MBPPL – Mindspace Airoli East | 44,404.00 | 3,306.00 |
| MBPPL – Mindspace Pocharam | 1,923.00 | — |
| MBPPL – Commerzone Yerwada | 19,102.00 | — |
| MBPPL – The Square, Nagar Road | 9,351.00 | — |
| Gigaplex | 44,443.00 | 561.00 |
| Avacado Avacado – Mindspace Malad | 10,938.00 | 104.00 |
| Avacado – The Square, BKC | 4,732.00 | — |
| Particulars Fair value of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress Other assets at book value Total assets KRC Infra KRC Infra – Gera Commerzone Kharadi | 28,936.00 | 748.00 |
| KRC Infra – Camplus | 7,050.00 | — |
| Horizonview | 11,048.00 | 205.00 |
| Mindspace REIT | 0.00 | 45,652.00 |
| Less: Eliminations and Other Adjustments* | 0.00 | -42,558.00 |
| Total | 299,657.00 | 11,053.00 |
| Less: Non-controlling interest | -12,950.00 | -362.00 |
| Total attributable to unitholders | 286,707.00 | 10,691.00 |
| * It includes eliminations primarily pertaining to lending to SPVs by Mindspace REIT and consolidation adjustments. 2. Project wise break up of fair value of assets as at March 31, 2023 is as follows: Particulars Fair value of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress Other assets at book value Total assets* Intime | 18,911.00 | 1,898.00 |
| KRIT | 34,243.00 | 625.00 |
| Sundew | 62,189.00 | 398.00 |
| MBPPL MBPPL – Mindspace Airoli East | 45,213.00 | 6,272.00 |
| MBPPL – Mindspace Pocharam | 2,327.00 | — |
| MBPPL – Commerzone Yerwada | 19,389.00 | — |
| MBPPL – The Square, Nagar Road | 9,223.00 | — |
| Gigaplex | 44,865.00 | 741.00 |
| Avacado Avacado – Mindspace Malad | 10,582.00 | 1,292.00 |
| Avacado – The Square, BKC | 4,653.00 | — |
| KRC Infra KRC Infra – Gera Commerzone Kharadi | 26,162.00 | 1,524.00 |
| KRC Infra – Camplus | 6,991.00 | — |
| Horizonview | 8,205.00 | 301.00 |
| Mindspace REIT | 0.00 | 35,421.00 |
| Less: Eliminations and Other Adjustments* | 0.00 | -40,251.00 |
| Total | 292,953.00 | 8,221.00 |
| Less: Non-controlling interest | -12,688.00 | -321.00 |
| Total attributable to unitholders | 280,265.00 | 7,900.00 |
| * It includes eliminations primarily pertaining to lending to SPVs by Mindspace REIT and consolidation adjustments. 3. Other assets at book value excludes capital advances, unbilled revenue, finance lease receivable and regulatory assets (which form part of fair valuation of the Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress). 4. Power Deemed Distribution License operations in Gigaplex, MBPPL and KRC Infra have been valued by the valuer separately using Discounted Cash Flow method. 5. Liabilities at book value for calculation of fair value of NAV excludes lease liability, provision for revenue share, capital creditors (other than related to initial direct cost) and retention payables (which form part of fair valuation of the Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress). Significant accounting policies – refer note 3 See the accompanying notes to the Condensed Consolidated Interim Financial Statements 4-53 As per our report of even date attached: for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Chartered Accountants Firm’s registration number: 117366W/W-100018 K Raheja Corp Investment Managers Private Limited (Formerly known as K Raheja Corp Investment Managers LLP) (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Ramesh Nair Preeti N. Chheda Partner Director Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date : October 30, 2023 Date : October 30, 2023 Date : October 30, 2023 Date : October 30, 2023 Consolidated Statement of Net Assets at fair value RN:IN/REIT/19-20/003 Consolidated Statement of Net Assets at fair value RN:IN/REIT/19-20/003 (All amounts are in H million unless otherwise stated) (All amounts are in H million unless otherwise stated) Consolidated Financial Statements Half-Yearly Report 2023-24 Mindspace Business Parks REIT | 180.00 | 181.00 |
| (B) Statement of Total Return at Fair Value (Attributable to unit holders of Mindspace REIT) Total Return – Attributable to unit holders of Mindspace REIT S. No. Particulars For the half year ended September 30, 2023 (Unaudited) For the half year ended March 31, 2023 (Unaudited)* For the half year ended September 30, 2022 (Unaudited) For the year ended March 31, 2023 (audited) A Total comprehensive Income | 2,688.00 | 863.00 |
| B Add: Changes in fair value not recognised in total comprehensive income (refer Note below) | 1,653.00 | 8,083.00 |
| C (A+B) Total Return | 4,341.00 | 8,946.00 |
| Note: 1. Measurement of fair values: The fair values of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress are solely based on an independent valuation performed by an external property valuer (“independent valuer”), having appropriately recognised professional qualification and recent experience in the location and category of the properties being valued. 2. In the above statement, changes in fair value not recognised for the half year ended September 30, 2023, half year ended March 31, 2023 and half year ended September 30, 2022 have been computed based on the change in fair values for such periods adjusted for change in book value of Investment Property, Investment property under construction and Property, Plant and Equipment and Capital work in progress, Capital advances, Unbilled revenue, Finance lease receivable, regulatory assets, Capital creditors (other than related to initial direct cost), Retention payables and Lease Liabilities for the respective periods. * Refer Note 50 Significant accounting policies - refer note 3 See the accompanying notes to the Condensed Consolidated Interim Financial Statements 4-53 As per our report of even date attached: for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Chartered Accountants Firm’s registration number: 117366W/W-100018 K Raheja Corp Investment Managers Private Limited (Formerly known as K Raheja Corp Investment Managers LLP) (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Ramesh Nair Preeti N. Chheda Partner Director Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date : October 30, 2023 Date : October 30, 2023 Date : October 30, 2023 Date : October 30, 2023 Net Distributable Cash Flows (NDCF) pursuant to guidance under Paragraph 6 to SEBI circular No. CIR/ IMD/DF/146/2016 (i) Mindspace REIT Standalone SI. No. Description For the quarter ended September 30, 2023 (Unaudited)* For the quarter ended June 30, | 2,023.00 | — |
| (Unaudited) For the quarter ended September 30, 2022 (Unaudited)* For the half year ended September 30, 2023 (Unaudited)* For the half year ended March 31, | 2,023.00 | — |
| (Unaudited)* For the half year ended September 30, 2022 (Unaudited) For the year ended March 31, | 2,023.00 | — |
| (Audited) 1. Cash flows received from Asset SPVs including but not limited to: | 0.00 | — |
| interest | 760.00 | 654.00 |
| dividends (net of applicable taxes) | 2,612.00 | 2,654.00 |
| repayment of REIT Funding | 0.00 | 0.00 |
| proceeds from buy-backs/ capital reduction (net of applicable taxes) | 0.00 | 0.00 |
| redemption proceeds from preference shares or any other similar instrument | 0.00 | 0.00 |
| 2. Add: Proceeds from sale of investments, assets, sale of shares of Asset SPVs, liquidation of any other asset or investment (incl. cash equivalents) or any form of fund raise at Mindspace REIT level adjusted for the following: (2) | 7,124.00 | 11,685.00 |
| applicable capital gains and other taxes, if any | 0.00 | 0.00 |
| debts settled or due to be settled from sale proceeds | 0.00 | 0.00 |
| transaction costs | 0.00 | -26.00 |
NAV · UNSTATED · 2025-03-31, 2024-03-31 · UNKNOWN MINDSPACE_a5e3a15c2851 p205
| Line | 2025-03-31 | 2024-03-31 |
|---|---|---|
| A) STATEMENT OF NET ASSETS AT FAIR VALUE S. No Particulars As at March 31, 2025 As at March 31, 2024 Book Value* Fair Value Book Value* Fair Value A Assets | 271,603.28 | 397,898.74 |
| B Liabilities** | 123,497.78 | 121,119.66 |
| C Net Assets (A-B) | 148,105.50 | 276,779.08 |
| D Less: Non controlling interests | 7,561.06 | 13,794.89 |
| E Net Assets attributable to unit holders of Mindspace REIT (C-D) | 140,544.44 | 262,984.18 |
| F No. of units | 609,183,634.00 | 609,183,634.00 |
| G Net Assets Value per unit (E/F) | 230.71 | 431.70 |
| *as reflected in the Balance Sheet **Refer Note 5 below Measurement of fair values: The fair values of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress are solely based on an independent valuation performed by an external property valuer (“independent valuer”), having appropriately recognised professional qualification and recent experience in the location and category of the properties being valued. Other assets include cash and cash equivalents, other bank balances and other working capital balances which are not factored in the discounted cashflow method used in determining the fair value of investment property, investment property under development, property, plant and equipment, capital work-in-progress and intangibles. Valuation technique: The fair value measurement for all of the Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress including Pocharam, which has been classified as held for sale (excluding Pocharam building) has been categorised as a Level 3 fair value based on the inputs to the valuation technique used. The valuer has followed a Discounted Cash Flow method, except for valuation of land for future development where the valuer has adopted Comparable Sales Method (under the Market Approach) . The Discounted Cash Flow valuation model considers the present value of net cash flows to be generated from the respective properties, taking into account the expected rental growth rate, vacancy period, occupancy rate, and lease incentive costs. The expected net cash flows are discounted using the risk adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location (prime vs secondary), tenant credit quality, lease terms and investor return expectations from such properties. The existing buildings in Pocharam are unoccupied. Considering the absence of leasing demand in the near term, and therefore no expected income stream and also since the asset is held for sale, the Valuer has opted for the Cost Approach. Under this method, the building and plant & machinery components have been valued using the Depreciated Replacement Cost Method.The same has been categorised as a Level 3 fair value based on the inputs from the valuation technique used. Notes Project wise break up of fair value of assets as at March 31, 2025 is as follows Particulars Fair value of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress Other assets at book value Total assets Intime | 25,227.82 | 1,664.63 |
| KRIT | 49,302.81 | 1,358.78 |
| Sundew | 71,721.97 | 1,418.53 |
| Disclosure pursuant to SEBI circular No. SEBI/HO/DDHS- PoD-2/P/CIR/2024/43 (All amounts are in ` million unless otherwise stated) | 382.00 | — |
| Annual Report 2024-25 Particulars Fair value of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress Other assets at book value Total assets MBPPL MBPPL - Mindspace Airoli East | 49,988.82 | 4,220.40 |
| MBPPL - Mindspace Pocharam** | 1,465.29 | — |
| MBPPL - Commerzone Yerwada | 20,428.48 | — |
| MBPPL - The Square, Nagar Road | 9,343.77 | — |
| Sustain | 22,177.65 | 575.89 |
| Gigaplex | 56,708.59 | 2,063.96 |
| Avacado Avacado - Mindspace Malad | 12,649.76 | 459.13 |
| Avacado - The Square, BKC | 5,058.14 | — |
| KRC Infra KRC Infra - Gera Commerzone Kharadi | 36,511.26 | 1,345.29 |
| KRC Infra - Camplus | 9,861.32 | — |
| Horizonview | 12,115.06 | 474.27 |
| Mindspace REIT | 0.00 | 50,412.53 |
| Less: Eliminations and Other Adjustments* | 0.00 | -48,655.41 |
| Total | 382,560.75 | 15,338.00 |
| Less: Non-controlling interest | -16,087.79 | -505.20 |
| Total attributable to unitholders | 366,472.96 | 14,832.80 |
| *It includes eliminations primarily pertaining to lending to SPVs by Mindspace REIT and consolidation adjustments **Classified as “Asset Held for Sale” Project wise break up of fair value of assets as at March 31, 2024 is as follows Particulars Fair value of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress Other assets at book value Total assets Intime | 19,558.57 | 1,600.93 |
| KRIT | 37,865.34 | 818.17 |
| Sundew | 63,633.75 | 517.14 |
| MBPPL MBPPL - Mindspace Airoli East | 47,523.86 | 3,316.83 |
| MBPPL - Mindspace Pocharam** | 1,487.86 | — |
| MBPPL - Commerzone Yerwada | 18,258.57 | — |
| MBPPL - The Square, Nagar Road | 9,230.47 | — |
| Gigaplex | 48,020.78 | 1,063.72 |
| Avacado Avacado - Mindspace Malad | 11,328.74 | 124.41 |
| Avacado - The Square, BKC | 4,917.40 | — |
| Disclosure pursuant to SEBI circular No. SEBI/HO/DDHS- PoD-2/P/CIR/2024/43 (All amounts are in ` million unless otherwise stated) | 383.00 | — |
| MINDSPACE BUSINESS PARKS REIT Financial Statements Statutory Reports Corporate Overview Particulars Fair value of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress Other assets at book value Total assets KRC Infra KRC Infra - Gera Commerzone Kharadi | 31,315.10 | 882.45 |
| KRC Infra - Camplus | 7,544.56 | — |
| Horizonview | 11,363.39 | 115.10 |
| Mindspace REIT | 0.00 | 47,808.00 |
| Less: Eliminations and Other Adjustments* | 0.00 | -44,720.43 |
| Total | 312,048.39 | 11,526.32 |
| Less: Non-controlling interest | -13,316.00 | -349.88 |
| Total attributable to unitholders | 298,732.39 | 11,176.44 |
| *It includes eliminations primarily pertaining to lending to SPVs by Mindspace REIT and consolidation adjustments. **Classified as “Asset Held for Sale” Other assets at book value excludes capital advances, unbilled revenue, finance lease receivable and regulatory assets (which form part of fair valuation of the Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress) | 4.00 | — |
| Power Deemed Distribution License operations in Gigaplex, MBPPL and KRC Infra have been valued by the valuer separately using Discounted Cash Flow method. Liabilities at book value for calculation of fair value of NAV excludes lease liability, provision for revenue share, capital creditors (other than related to initial direct cost), retention payables and regulatory liabilities (which form part of fair valuation of the Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress). Material accounting policies - refer note 3 See the accompanying notes to the Consolidated Financial Statements 4-61 Disclosure pursuant to SEBI circular No. SEBI/HO/DDHS- PoD-2/P/CIR/2024/43 (All amounts are in ` million unless otherwise stated) As per our report of even date attached For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors of Chartered Accountants K Raheja Corp Investment Managers Private Limited Firm’s registration number: 117366W/W-100018 (Formerly known as K Raheja Corp Investment Managers LLP) (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Ramesh Nair Preeti N. Chheda Bharat Sanghavi Partner Director Managing Director & Chief Executive Officer Chief Financial Officer Compliance Officer Membership number: 49660 DIN: 00029010 DIN: 09282712 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date: April 30, 2025 Date: April 30, 2025 Date: April 30, 2025 Date: April 30, 2025 Date: April 30, 2025 | 384.00 | — |
| Annual Report 2024-25 B) STATEMENT OF TOTAL RETURN AT FAIR VALUE (ATTRIBUTABLE TO UNIT HOLDERS OF MINDSPACE REIT) Total Return - Attributable to unit holders of Mindspace REIT S. No Particulars For the year ended March 31, 2025 For the year ended March 31, 2024 A Total comprehensive Income | 4,759.64 | 5,250.08 |
| B Add: Changes in fair value not recognised in total comprehensive income (refer Note 2 below) | 38,457.88 | 11,248.74 |
| C Total Return (A+B) | 43,217.52 | 16,498.82 |
| Note: Measurement of fair values: The fair values of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress are solely based on an independent valuation performed by an external property valuer (“independent valuer”), having appropriately recognised professional qualification and recent experience in the location and category of the properties being valued. | 2.00 | — |
| In the above statement, changes in fair value not recognised for the year ended March 31, 2025 and year ended March 31, 2024, have been computed based on the change in fair values for such periods adjusted for change in book value of Investment Property, Investment property under construction and Property, Plant and Equipment and Capital work in progress, Capital advances, Unbilled revenue, Finance lease receivable, regulatory assets, Capital creditors (other than related to initial direct cost), Retention payables, Regulatory Liabilities and Lease Liabilities for the respective periods. Material accounting policies - refer note 3 See the accompanying notes to the Consolidated Financial Statements 4-61 Disclosure pursuant to SEBI circular No. SEBI/HO/DDHS- PoD-2/P/CIR/2024/43 (All amounts are in ` million unless otherwise stated) As per our report of even date attached For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors of Chartered Accountants K Raheja Corp Investment Managers Private Limited Firm’s registration number: 117366W/W-100018 (Formerly known as K Raheja Corp Investment Managers LLP) (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Ramesh Nair Preeti N. Chheda Bharat Sanghavi Partner Director Managing Director & Chief Executive Officer Chief Financial Officer Compliance Officer Membership number: 49660 DIN: 00029010 DIN: 09282712 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date: April 30, 2025 Date: April 30, 2025 Date: April 30, 2025 Date: April 30, 2025 Date: April 30, 2025 | 385.00 | — |
BS · STANDALONE · 2023-03-31, 2022-03-31 · UNKNOWN MINDSPACE_c05982783d27 p127
| Line | 2023-03-31 | 2022-03-31 |
|---|---|---|
| (all amounts in C million unless otherwise stated) (all amounts in C million unless otherwise stated) Standalone Balance Sheet RN:IN/REIT/19-20/003 Standalone Statement of Profit and Loss RN:IN/REIT/19-20/003 Note As at 31 March 2023 As at 31 March 2022 ASSETS Non-current assets Financial assets – Investments | 153,103.00 | 153,103.00 |
| – Loans | 29,879.00 | 21,268.00 |
| – Other financial assets | 564.00 | 263.00 |
| Other non-current assets | 2.00 | 4.00 |
| Total non-current assets | 183,548.00 | 174,638.00 |
| Current assets Financial assets – Loans | 1,980.00 | 5,000.00 |
| – Cash and cash equivalents | 2,984.00 | 2,814.00 |
| – Other financial assets | 4.00 | 559.00 |
| Other current assets | 8.00 | 9.00 |
| Total current assets | 4,976.00 | 8,382.00 |
| Total assets | 188,524.00 | 183,020.00 |
| EQUITY AND LIABILITIES EQUITY Corpus | 0.00 | 0.00 |
| Unit capital | 162,839.00 | 162,839.00 |
| Other equity | 3,202.00 | 2,919.00 |
| Total equity | 166,041.00 | 165,758.00 |
| LIABILITIES Non-current liabilities Financial liabilities – Borrowings | 19,892.00 | 11,422.00 |
| – Other financial liabilities | 540.00 | 271.00 |
| Total non-current liabilities | 20,432.00 | 11,692.00 |
| Current liabilities Financial liabilities – Borrowings | 1,996.00 | 4,997.00 |
| – Trade payables – total outstanding dues of micro and small enterprises; and | 1.00 | 1.00 |
| – total outstanding dues of Creditors other than micro and small enterprises | 9.00 | — |
| – Other financial liabilities | 29.00 | 560.00 |
| Other current liabilities | 7.00 | 1.00 |
| Current tax liabilities (net) | 2.00 | 1.00 |
| Total current liabilities | 2,051.00 | 5,569.00 |
| Total liabilities | 22,483.00 | 17,262.00 |
| Total equity and liabilities | 188,524.00 | 183,020.00 |
| Significant accounting policies See the accompanying notes to the standalone financial statements 4 - 39 As per our report of even date attached. For Deloitte Haskins & Sells LLP For and on behalf of the Governing Board of Chartered Accountants K Raheja Corp Investment Managers LLP Firm’s registration number: 117366W/W-100018 (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Vinod N. Rohira Preeti N. Chheda Partner Member Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 DIN: 00460667 DIN: 08066703 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date : 04-May-2023 Date : 04-May-2023 Date : 04-May-2023 Date : 04-May-2023 Note For the year ended 31 March 2023 For the year ended 31 March 2022 Income and gains Interest | 22.00 | 2,123.00 |
| Dividend | 10,662.00 | 10,337.00 |
| Other Income | 37.00 | 11.00 |
| Total Income | 12,822.00 | 12,025.00 |
| Expenses Valuation expenses | 9.00 | — |
| Audit fees | 5.00 | — |
| Insurance expenses | 1.00 | — |
| Management fees | 64.00 | — |
| Trustee fees | 2.00 | — |
| Legal and professional fees* | 24.00 | — |
| Other expenses | 22.00 | 17.00 |
| Total Expenses | 174.00 | 122.00 |
| Earnings before finance costs and tax | 12,648.00 | 11,903.00 |
| Finance costs | 1,139.00 | 867.00 |
| Profit before tax | 11,509.00 | 11,036.00 |
| Tax expense: Current tax | 18.00 | 6.00 |
| Deferred tax | 0.00 | 0.00 |
| Profit for the year | 11,491.00 | 11,030.00 |
| Items of other comprehensive income Items that will not be reclassified subsequently to profit or loss | 0.00 | 0.00 |
| - Remeasurements of defined benefit liability, net of tax | 0.00 | 0.00 |
| Total comprehensive income for the year | 11,491.00 | 11,030.00 |
| Earning per unit Basic | 19.38 | 18.60 |
| Diluted | 19.38 | 18.60 |
| Significant accounting policies See the accompanying notes to the Standalone Financial Statements. 4 - 39 * Legal and professional fees includes payments made to auditor’s towards certification fees amounting to ₹ 1 million (31 March 2022: ₹ 1 million). As per our report of even date attached. For Deloitte Haskins & Sells LLP For and on behalf of the Governing Board of Chartered Accountants K Raheja Corp Investment Managers LLP Firm’s registration number: 117366W/W-100018 (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Vinod N. Rohira Preeti N. Chheda Partner Member Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 DIN: 00460667 DIN: 08066703 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date : 04-May-2023 Date : 04-May-2023 Date : 04-May-2023 Date : 04-May-2023 Annual Report 2022-23 Mindspace Business Parks REIT | 230.00 | 231.00 |
CF · STANDALONE · 2023-03-31, 2022-03-31 · UNKNOWN MINDSPACE_c05982783d27 p128
| Line | 2023-03-31 | 2022-03-31 |
|---|---|---|
| (all amounts in C million unless otherwise stated) (all amounts in C million unless otherwise stated) Standalone Statement of Cash Flows RN:IN/REIT/19-20/003 Standalone Statement of Cash Flows RN:IN/REIT/19-20/003 For the year ended 31 March 2023 For the year ended 31 March 2022 Cash flows from operating activities Profit before tax | 11,509.00 | 11,036.00 |
| Adjustments: Interest income | -2,123.00 | -1,677.00 |
| Dividend income | -10,662.00 | -10,337.00 |
| Guarantee commission fees | -16.00 | -9.00 |
| Gain on redemption of mutual fund units | -21.00 | -2.00 |
| Finance costs | 1,139.00 | 867.00 |
| Operating cash flows before working capital changes | -174.00 | -122.00 |
| Changes in: (Increase) / Decrease in financial and other assets | -15.00 | 0.00 |
| Increase / (Decrease) in financial and other liabilities | 8.00 | — |
| Increase / (Decrease) in Trade payables | -4.00 | — |
| Cash (used in) / generated from operations | -182.00 | -118.00 |
| Income taxes paid, net | -17.00 | -7.00 |
| Net cash generated / (used in) from operating activities | -199.00 | -125.00 |
| Cash flow from investing activities Loans given to SPVs | -50,615.00 | -26,611.00 |
| Loans repaid by SPVs | 45,025.00 | 21,520.00 |
| Investment in mutual fund | -13,309.00 | -1,945.00 |
| Proceeds from Redemption of mutual fund | 13,330.00 | 1,947.00 |
| Investment in fixed deposits | -800.00 | -1,425.00 |
| Maturity proceeds of fixed deposits | 806.00 | 1,427.00 |
| Dividend received | 10,662.00 | 10,337.00 |
| Interest received | 2,388.00 | 1,080.00 |
| Net cash generated / (used in) investing activities | 7,487.00 | 6,330.00 |
| For the year ended 31 March 2023 For the year ended 31 March 2022 Cash flow from financing activities Proceeds from issue of Debentures | 10,500.00 | 5,000.00 |
| Redemption of Debentures | -5,000.00 | 0.00 |
| Proceeds from issue of Commercial Paper | 983.00 | 0.00 |
| Redemption of Commercial Paper | -983.00 | 0.00 |
| Distribution to unit holders | -11,208.00 | -11,060.00 |
| Recovery Expense Fund Deposits | -1.00 | -1.00 |
| Interest paid | -1,351.00 | -232.00 |
| Debentures issue expenses | -58.00 | -36.00 |
| Net cash generated / (used in) from financing activities | -7,118.00 | -6,329.00 |
| Net (decrease) / increase in cash and cash equivalents | 170.00 | -124.00 |
| Cash and cash equivalents at the beginning of the year | 2,814.00 | 2,938.00 |
| Cash and cash equivalents at the end of the year | 2,984.00 | 2,814.00 |
| Cash and cash equivalents comprise: Cash on hand | 0.00 | 0.00 |
| Balances with banks – in current accounts | 2,984.00 | 2,814.00 |
| Cash and cash equivalents at the end of the year (refer note 9) | 2,984.00 | 2,814.00 |
| Significant accounting policies See the accompanying notes to the Standalone Financial Statements. 4 - 39 As per our report of even date attached. For Deloitte Haskins & Sells LLP For and on behalf of the Governing Board of Chartered Accountants K Raheja Corp Investment Managers LLP Firm’s registration number: 117366W/W-100018 (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Vinod N. Rohira Preeti N. Chheda Partner Member Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 DIN: 00460667 DIN: 08066703 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date : 04-May-2023 Date : 04-May-2023 Date : 04-May-2023 Date : 04-May-2023 Annual Report 2022-23 Mindspace Business Parks REIT | 232.00 | 233.00 |
CF · CONSOLIDATED · 2023-03-31, 2022-03-31 · UNKNOWN MINDSPACE_c05982783d27 p153
| Line | 2023-03-31 | 2022-03-31 |
|---|---|---|
| (all amounts in C million unless otherwise stated) (all amounts in C million unless otherwise stated) Consolidated Statement of Cash Flows RN:IN/REIT/19-20/003 For the year ended 31 March 2023 For the year ended 31 March 2022 A Cash flows from operating activities Profit before tax | 7,384.00 | 7,143.00 |
| Adjustments for: Depreciation and amortisation expense | 3,554.00 | 3,289.00 |
| Finance costs | 3,431.00 | 2,644.00 |
| Interest income | -47.00 | -35.00 |
| Provision for doubtful debts (net) | 3.00 | — |
| Assets written off/ Demolished | 187.00 | 73.00 |
| Gain on redemption of mutual fund units | -38.00 | -12.00 |
| Foreign exchange fluctuation loss (net) | 0.00 | — |
| Liabilities no longer required written back | -17.00 | -50.00 |
| Exceptional Items (refer note 55A, 55B, 56A and 56B) | 1,368.00 | 843.00 |
| Operating cash flow before working capital changes | 15,873.00 | 13,897.00 |
| Movement in working capital (Increase) / decrease in inventories | -46.00 | 13.00 |
| (Increase) / decrease in trade receivables | 708.00 | 2.00 |
| (Increase) / decrease in other financial assets and other assets | -1,093.00 | -649.00 |
| Increase / (decrease) in other financial liabilities, other liabilities and provisions | 361.00 | 32.00 |
| (Decrease) / increase in regulatory deferral account (assets / liabilities) | -141.00 | -76.00 |
| (Decrease) / increase in trade payables | 179.00 | — |
| Cash generated/(used in) from operations | 15,666.00 | 13,398.00 |
| Direct taxes paid net of refund received | -1,736.00 | -1,780.00 |
| Net cash generated from operating activities (A) | 13,930.00 | 11,618.00 |
| B Cash flows from investing activities Expenditure incurred on investment property and investment property under construction including capital advances, net of capital creditors | -7,634.00 | -5,632.00 |
| Expenditure incurred on Property, Plants and Equipment and Capital work-in progress | -26.00 | -110.00 |
| Proceeds from sale of investment property under construction | 0.00 | 1,200.00 |
| Proceeds from sale of investment property,& property plant and equipments | 5.00 | — |
| Investment in Government Bond | -6.00 | -5.00 |
| Investment in mutual fund | -22,501.00 | -7,599.00 |
| Proceeds from redemption of mutual fund | 22,537.00 | 7,611.00 |
| Movement in fixed deposits/other bank balances | -65.00 | — |
| Interest received | 37.00 | — |
| Net cash (used in) / generated from investing activities ( B ) | -7,506.00 | -4,558.00 |
| Consolidated Statement of Cash Flows RN:IN/REIT/19-20/003 For the year ended 31 March 2023 For the year ended 31 March 2022 C Cash flows from financing activities Proceeds from external borrowings | 9,391.00 | 5,778.00 |
| Repayment of external borrowings | -13,379.00 | -8,208.00 |
| Proceeds from issue of non-convertible debentures and bonds | 15,400.00 | 9,000.00 |
| Proceeds from issue of commercial paper | 983.00 | 0.00 |
| Non-convertible debentures issue expenses | -81.00 | -61.00 |
| Redemption of Commercial Paper | -983.00 | 0.00 |
| Payment towards lease liabilities | -13.00 | -14.00 |
| Distribution to unitholders and dividend to Non-Controlling Interest holder (including tax) | -12,009.00 | -11,892.00 |
| Recovery Expense Fund Deposits | -1.00 | -1.00 |
| Finance costs paid | -3,871.00 | -2,145.00 |
| Net cash generated (used in) financing activities ( C ) | -4,563.00 | -7,543.00 |
| Net increase/(decrease) in cash and cash equivalents (A+B+C) | 1,861.00 | -483.00 |
| Cash and cash equivalents at the beginning of the year | 982.00 | 1,465.00 |
| Cash and cash equivalents at the end of the year | 2,843.00 | 982.00 |
| Cash and cash equivalents comprises (refer note no. 16A & 27) Cash on hand | 2.00 | — |
| Balance with banks – on current accounts | 3,176.00 | 3,046.00 |
| – in escrow accounts | 0.00 | — |
| – in deposit accounts with original maturity of less than three months | 880.00 | 430.00 |
| Less : Bank overdraft | -1,219.00 | -2,496.00 |
| Cash and cash equivalents at the end of the year | 2,843.00 | 982.00 |
| Significant accounting policies Note: 1. The above Cash Flow Statement has been prepared under the ‘Indirect Method’ as set out in the Accounting Standard (IND AS) 7 - “Statement of Cash Flows”. 2. Refer note 6(a) for non cash transactions. See the accompanying notes to the Consolidated Financial Statements 4-59 As per our report of even date attached. For Deloitte Haskins & Sells LLP For and on behalf of the Governing Board of Chartered Accountants K Raheja Corp Investment Managers LLP Firm’s registration number: 117366W/W-100018 (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Vinod N. Rohira Preeti N. Chheda Partner Member Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 DIN: 00460667 DIN: 08066703 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date : 04 May 2023 Date : 04 May 2023 Date : 04 May 2023 Date : 04 May 2023 Annual Report 2022-23 Mindspace Business Parks REIT | 282.00 | 283.00 |
| Consolidated Financial Statements (all amounts in C million unless otherwise stated) (all amounts in C million unless otherwise stated) Consolidated Statement of changes in Unit holder’s Equity RN:IN/REIT/19-20/003 Consolidated Statement of changes in Unit holder’s Equity RN:IN/REIT/19-20/003 A. Corpus Amount Balance as on 1 April 2021 Additions during the year | 0.00 | — |
| Closing balance as at 31 March 2022 Balance as on 1 April 2022 | 0.00 | — |
| Additions during the year | 0.00 | — |
| Closing balance as at 31 March 2023 B. Unit Capital Amount Balance as at 1 April 2021 | 162,839.00 | — |
| Changes during the year | 0.00 | — |
| Balance as at 31 March 2022 | 162,839.00 | — |
| Balance as at 1 April 2022 | 162,839.00 | — |
| Changes during the year | 0.00 | — |
| Balance as at 31 March 2023 | 162,839.00 | — |
CF · STANDALONE · 2022-03-31, 2021-03-31 · UNKNOWN MINDSPACE_c9d4c2394a90 p90
| Line | 2022-03-31 | 2021-03-31 |
|---|---|---|
| Standalone Statement of Cash Flow RN:IN/REIT/19-20/003 For the year ended 31 March 2022 For the year ended 31 March 2021 Cash flow from financing activities Proceeds from issue of units | 0.00 | 10,000.00 |
| Loans taken from SPVs | 0.00 | 150.00 |
| Loans repaid to SPVs | 0.00 | -150.00 |
| Collection towards Offer For Sale | 0.00 | 35,000.00 |
| Corpus received | 0.00 | 0.00 |
| Payment to Sponsor Group and Blackstone entities in respect of Offer For Sale | 0.00 | -35,000.00 |
| Expenses incurred towards Initial Public Offering | 0.00 | -264.00 |
| Proceeds from issue of debentures | 5,000.00 | 11,500.00 |
| Distribution to unit holders | -11,060.00 | -2,835.00 |
| Recovery Expense Fund Deposits | -1.00 | -1.00 |
| Interest paid | -232.00 | -39.00 |
| Debentures issue expenses | -36.00 | -70.00 |
| Net cash generated / (used in) from financing activities | -6,329.00 | 18,291.00 |
| Net (decrease) / increase in cash and cash equivalents | -124.00 | 2,938.00 |
| Cash and cash equivalents at the beginning of the year | 2,938.00 | 0.00 |
| Cash and cash equivalents at the end of the year | 2,814.00 | 2,938.00 |
| Cash and cash equivalents comprise: Cash on hand | 0.00 | 0.00 |
| Balances with banks - in current accounts | 2,814.00 | 2,888.00 |
| - in escrow accounts | 0.00 | 0.00 |
| Fixed deposits with original maturity less than 3 months | 0.00 | 50.00 |
| Cash and cash equivalents at the end of the year (refer note 10) | 2,814.00 | 2,938.00 |
| Note: The Trust had issued Units in exchange for investments in SPVs during the period ended 30 September 2020. The same has not been reflected in Standalone Statement of Cash Flows during the period ended 31 March 2021 since these were non-cash transactions. (refer note 14(iii)) The above Statement of Cash Flows has been prepared under the ‘Indirect Method’ as set out in the Ind AS 7- Statement of Cash Flows Significant accounting policies See the accompanying notes to the Standalone Financial Statements. 4-43 As per our report of even date attached. for Deloitte Haskins & Sells LLP for and on behalf of the Governing Board of Chartered Accountants K Raheja Corp Investment Managers LLP Firm’s registration number: 117366W/W-100018 (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Vinod N. Rohira Preeti N. Chheda Partner Member Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 DIN: 00460667 DIN: 08066703 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date : 12-May-2022 Date : 12-May-2022 Date : 12-May-2022 Date : 12-May-2022 (all amounts in C million unless otherwise stated) Standalone Statement of Cash Flow RN:IN/REIT/19-20/003 For the year ended 31 March 2022 For the year ended 31 March 2021 Cash flows from operating activities Profit before tax | 11,036.00 | 5,839.00 |
| Adjustments: Interest income | -1,677.00 | -789.00 |
| Dividend income | -10,337.00 | -5,344.00 |
| Guarantee commission fees | -9.00 | -7.00 |
| Net gains/(losses) on financial assets at fair value through profit or loss | 0.00 | -3.00 |
| Gain on redemption of mutual fund units | -2.00 | -2.00 |
| Finance costs | 867.00 | 230.00 |
| Operating cash flows before working capital changes | -122.00 | -76.00 |
| Changes in: (Increase) / Decrease in financial and other assets | -13.00 | — |
| Increase / (Decrease) in financial and other liabilities | -26.00 | — |
| Increase / (Decrease) in Trade payables | -4.00 | 12.00 |
| Cash (used in)/ generated from operations | -118.00 | -103.00 |
| Income taxes paid, net | -7.00 | -3.00 |
| Net cash generated / (used in) from operating activities | -125.00 | -106.00 |
| Cash flow from investing activities Loans given to SPVs | -26,611.00 | -26,682.00 |
| Loans repaid by SPVs | 21,520.00 | 5,504.00 |
| Purchase of Investments (Preference shares) | 0.00 | -334.00 |
| Investment in mutual fund | -1,945.00 | -7,525.00 |
| Proceeds from Redemption of mutual fund | 1,947.00 | 7,527.00 |
| Proceeds from Redemption of Preference shares | 0.00 | 337.00 |
| Investment in fixed deposits | -1,425.00 | -387.00 |
| Maturity proceeds of fixed deposits | 1,427.00 | 388.00 |
| Dividend received | 10,337.00 | 5,344.00 |
| Interest received | 1,080.00 | 581.00 |
| Net cash generated / (used in) investing activities | 6,330.00 | -15,247.00 |
| (all amounts in C million unless otherwise stated) MINDSPACE BUSINESS PARKS REIT | 175.00 | 174.00 |
BS · STANDALONE · 2021-03-31, 2020-03-31 · UNKNOWN MINDSPACE_1f24f24cb5f5 p79
| Line | 2021-03-31 | 2020-03-31 |
|---|---|---|
| (All amounts in ` million unless otherwise stated) Standalone Balance Sheet as at 31 March 2021 Note As at 31 March 2021 As at 31 March 2020 ASSETS Non-current assets Financial assets - Investments | 153,103.00 | 0.00 |
| - Loans | 21,178.00 | 0.00 |
| - Other financial assets | 213.00 | 0.00 |
| Other non-current assets | 4.00 | 0.00 |
| Total non-current assets | 174,498.00 | 0.00 |
| Current assets Financial assets - Cash and cash equivalents | 2,938.00 | 0.00 |
| - Other financial assets | 2.00 | 0.00 |
| Other current assets | 10.00 | 0.00 |
| Total current assets | 2,950.00 | 0.00 |
| Total assets | 177,448.00 | 0.00 |
| EQUITY AND LIABILITIES EQUITY Corpus | 0.00 | 0.00 |
| Unit capital | 162,839.00 | 0.00 |
| Other equity | 2,950.00 | -49.00 |
| Total equity | 165,789.00 | -49.00 |
| LIABILITIES Non-current liabilities Financial liabilities - Borrowings | 11,425.00 | 0.00 |
| - Other financial liabilities | 193.00 | 0.00 |
| Total non-current liabilities | 11,618.00 | 0.00 |
| Current liabilities Financial liabilities - Trade payables - total outstanding dues of micro and small enterprises; and | 0.00 | 0.00 |
| - total outstanding dues of Creditors other than micro and small enterprises. | 0.00 | — |
| - Other financial liabilities | 19.00 | 49.00 |
| Other current liabilities | 6.00 | 0.00 |
| Current tax liabilities (net) | 3.00 | 0.00 |
| Total current liabilities | 49.00 | — |
| Total equity and liabilities | 177,448.00 | 0.00 |
| Significant accounting policies See the accompanying notes to the standalone Financial Statements 4 - 37 As per our report of even date attached. for Deloitte Haskins & Sells LLP for and on behalf of the Governing Board of Chartered Accountants K Raheja Corp Investment Managers LLP Firm’s registration number: 117366W/W-100018 (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Vinod N. Rohira Preeti N. Chheda Partner Member Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 DIN: 00460667 DIN: 08066703 Place: Mumbai Place: London Place: Mumbai Place: Mumbai Date: 14-May-2021 Date: 14-May-2021 Date: 14-May-2021 Date: 14-May-2021 Mindspace Business Parks REIT | 152.00 | — |
| (All amounts in ` million unless otherwise stated) Standalone Statement of Profit and Loss for the year ended 31 March 2021 Note For the year ended 31 March 2021 From 18 November 2019 to 31 March 2020* INCOME AND GAINS Interest | 789.00 | 0.00 |
| Dividend | 5,344.00 | 0.00 |
| Other Income | 12.00 | 0.00 |
| Total Income | 6,145.00 | 0.00 |
| EXPENSES Valuation expenses | 0.00 | — |
| Audit fees | 1.00 | — |
| Insurance expenses | 0.00 | — |
| Management fees | 0.00 | — |
| Trustee fees | 0.00 | — |
| Legal and professional fees | 25.00 | — |
| Other expenses | 7.00 | 23.00 |
| Total Expenses | 49.00 | — |
| Earnings/ (loss) before finance costs, depreciation, amortization and tax | 6,069.00 | -49.00 |
| Finance costs | 230.00 | 0.00 |
| Depreciation and amortization expense | 0.00 | 0.00 |
| Profit/ (loss) before tax | 5,839.00 | -49.00 |
| TAX EXPENSE: Current tax | 5.00 | 0.00 |
| Deferred tax | 0.00 | 0.00 |
| Profit/ (loss) for the period / year | 5,834.00 | -49.00 |
| Items of other comprehensive income Items that will not be reclassified subsequently to profit or loss - Remeasurements of defined benefit liability, net of tax | 0.00 | 0.00 |
| Total comprehensive income for the period / year | 5,834.00 | -49.00 |
| Earning per unit Basic | 14.67 | — |
| Not Applicable Diluted | 14.67 | — |
| Not Applicable Significant accounting policies See the accompanying notes to the Standalone Financial Statements. 4 - 37 *Since Mindspace REIT was registered pursuant to a trust deed dated 18 November 2019, the management has provided the information in Standalone Statement of Profit and Loss with effect from said period i.e. 18 November 2019 for the year ended 31 March 2020. As per our report of even date attached. for Deloitte Haskins & Sells LLP for and on behalf of the Governing Board of Chartered Accountants K Raheja Corp Investment Managers LLP Firm’s registration number: 117366W/W-100018 (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Vinod N. Rohira Preeti N. Chheda Partner Member Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 DIN: 00460667 DIN: 08066703 Place: Mumbai Place: London Place: Mumbai Place: Mumbai Date: 14-May-2021 Date: 14-May-2021 Date: 14-May-2021 Date: 14-May-2021 Annual Report 2020-21 | 153.00 | — |
NAV · CONSOLIDATED · 2024-03-31, 2023-03-31 · UNKNOWN MINDSPACE_6caf319bc75f p174
| Line | 2024-03-31 | 2023-03-31 |
|---|---|---|
| Consolidated Financial Statements FINANCIAL STATEMENTS Statement of Net Assets at fair value RN:IN/REIT/19-20/003 Statement of Net Assets at fair value RN:IN/REIT/19-20/003 (all amounts in H million unless otherwise stated) (all amounts in H million unless otherwise stated) Disclosure pursuant to SEBI circular No. CIR/IMD/DF/146/2016 A) Statement of Net Assets At Fair Value (Total) S. No Particulars As at March 31, 2024 As at March 31, 2023 Book Value* Fair Value Book Value* Fair Value A Assets | 238,446.00 | 323,575.00 |
| B Liabilities** | 89,161.00 | 86,158.00 |
| C Net Assets (A-B) | 149,285.00 | 237,417.00 |
| D Less: Non controlling interests | 7,596.00 | 11,746.00 |
| E Net Assets attributable to unit holders of Mindspace REIT (C-D) | 141,689.00 | 225,671.00 |
| F No. of units | 593,018,182.00 | 593,018,182.00 |
| G Net Assets Value per unit (E/F) | 239.00 | 381.00 |
| * as reflected in the Balance Sheet **Refer Note-5 below Measurement of fair values: The fair values of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress are solely based on an independent valuation performed by an external property valuer ("independent valuer"), having appropriately recognized professional qualification and recent experience in the location and category of the properties being valued. Other assets include cash and cash equivalents, other bank balances and other working capital balances which are not factored in the discounted cashflow method used in determining the fair value of investment property, investment property under development, property, plant and equipment, capital work-in-progress and intangibles. Valuation technique The fair value measurement for all of the Investment property, Property, plant and equipment, Investment property under construction and Capital work- in-progress (excluding Pocharam) has been categorized as a Level 3 fair value based on the inputs to the valuation technique used. The valuer has followed a Discounted Cash Flow method, except for valuation of land for future development where the valuer has adopted Market Approach or Government Benchmark Price / Guideline Value as may be applicable. The Discounted Cash Flow valuation model considers the present value of net cash flows to be generated from the respective properties, taking into account the expected rental growth rate, vacancy period, occupancy rate, and lease incentive costs. The expected net cash flows are discounted using the risk adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location (prime vs secondary), tenant credit quality, lease terms and investor return expectations from such properties. The existing buildings in Pocharam are unoccupied. Considering the absence of leasing demand in the near term, and therefore no expected income stream and also since the asset is held for sale, the Valuer has opted for the Cost Approach. Under this method, the land component is assessed using the Comparable Sales/Quoted Instances Method under the Market Approach while building and plant & machinery components have been valued using the Depreciated Replacement Cost Method. Notes Project wise break up of fair value of assets as at March 31, 2024 is as follows Particulars Fair Value of Investment property, Property, plant and equipment and Investment property under construction Other assets at book value Total assets Intime | 19,559.00 | 1,601.00 |
| KRIT | 37,865.00 | 818.00 |
| Sundew | 63,634.00 | 517.00 |
| MBPPL MBPPL - Mindspace Airoli East | 47,524.00 | 3,317.00 |
| MBPPL - Mindspace Pocharam** | 1,488.00 | — |
| MBPPL - Commerzone Yerwada | 18,259.00 | — |
| MBPPL - The Square, Nagar Road | 9,230.00 | — |
| Gigaplex | 48,021.00 | 1,064.00 |
| Avacado Avacado - Mindspace Malad | 11,329.00 | 124.00 |
| Avacado - The Square, BKC | 4,917.00 | — |
| KRC Infra KRC Infra - Gera Commerzone Kharadi | 31,315.00 | 882.00 |
| KRC Infra - Camplus | 7,545.00 | — |
| Horizonview | 11,363.00 | 115.00 |
| Mindspace REIT | 0.00 | 47,808.00 |
| Less: Eliminations and Other Adjustments* | -44,721.00 | -44,721.00 |
| Total | 312,048.00 | 11,525.00 |
| Less: Non-controlling interest | -13,316.00 | -350.00 |
| Total attributable to owners | 298,732.00 | 11,175.00 |
| * It includes eliminations primarily pertaining to inter company lending / borrowing and consolidation adjustments ** Classified as Asset Held for Sale Project wise break up of fair value of assets as at March 31, 2023 is as follows Particulars Fair Value of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress Other assets at book value Total assets Intime | 18,911.00 | 1,898.00 |
| KRIT | 34,243.00 | 625.00 |
| Sundew | 62,189.00 | 398.00 |
| MBPPL MBPPL - Mindspace Airoli East | 45,213.00 | 6,272.00 |
| MBPPL - Mindspace Pocharam | 2,327.00 | — |
| MBPPL - Commerzone Yerwada | 19,389.00 | — |
| MBPPL - The Square, Nagar Road | 9,223.00 | — |
| Gigaplex | 44,865.00 | 741.00 |
| Avacado Avacado - Mindspace Malad | 10,582.00 | 1,292.00 |
| Avacado - The Square, BKC | 4,653.00 | — |
| KRC Infra KRC Infra - Gera Commerzone Kharadi | 26,162.00 | 1,524.00 |
| KRC Infra - Camplus | 6,991.00 | — |
| Horizonview | 8,205.00 | 301.00 |
| Mindspace REIT | 0.00 | 35,421.00 |
| Less: Eliminations and Other Adjustments* | 0.00 | -40,251.00 |
| Total | 292,953.00 | 8,221.00 |
| Less: Non-controlling interest | -12,688.00 | -321.00 |
| Total attributable to owners | 280,265.00 | 7,900.00 |
| * It includes eliminations primarily pertaining to inter company lending / borrowing and consolidation adjustments Other assets at book value excludes capital advances, unbilled revenue, finance lease receivable and regulatory assets (which form part of fair valuation of the Investment property, Property, plant and equipment and Investment property under construction). | 4.00 | — |
| Power Deemed Distribution License operations in Gigaplex, MBPPL and KRC Infra have been valued by the valuer separately using Discounted Cash Flow method. Liabilities at book value for calculation of fair value of NAV excludes lease liability, provision for revenue share, capital creditors (other than related to initial direct cost) and retention payables (which form part of fair valuation of the Investment property, Property, plant and equipment and Investment property under construction). Material accounting policies | 3.00 | — |
| See the accompanying notes to the Consolidated Financial Statements 4-59 As per our report of even date attached. For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors of Chartered Accountants K Raheja Corp Investment Managers Private Limited Firm’s registration number: 117366W/W-100018 (Formerly known as K Raheja Corp Investment Managers LLP) (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Ramesh Nair Preeti N. Chheda Partner Director Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date: April 30, 2024 Date: April 30, 2024 Date: April 30, 2024 Date: April 30, 2024 ANNUAL REPORT 2023-24 MINDSPACE BUSINESS PARKS REIT | 325.00 | 324.00 |
BS · STANDALONE · 2021-03-31, 2020-03-31 · UNKNOWN MINDSPACE_8b88ee9cdc76 p78
| Line | 2021-03-31 | 2020-03-31 |
|---|---|---|
| (All amounts in ` million unless otherwise stated) Standalone Balance Sheet as at 31 March 2021 Note As at 31 March 2021 As at 31 March 2020 ASSETS Non-current assets Financial assets - Investments | 153,103.00 | 0.00 |
| - Loans | 21,178.00 | 0.00 |
| - Other financial assets | 213.00 | 0.00 |
| Other non-current assets | 4.00 | 0.00 |
| Total non-current assets | 174,498.00 | 0.00 |
| Current assets Financial assets - Cash and cash equivalents | 2,938.00 | 0.00 |
| - Other financial assets | 2.00 | 0.00 |
| Other current assets | 10.00 | 0.00 |
| Total current assets | 2,950.00 | 0.00 |
| Total assets | 177,448.00 | 0.00 |
| EQUITY AND LIABILITIES EQUITY Corpus | 0.00 | 0.00 |
| Unit capital | 162,839.00 | 0.00 |
| Other equity | 2,950.00 | -49.00 |
| Total equity | 165,789.00 | -49.00 |
| LIABILITIES Non-current liabilities Financial liabilities - Borrowings | 11,425.00 | 0.00 |
| - Other financial liabilities | 193.00 | 0.00 |
| Total non-current liabilities | 11,618.00 | 0.00 |
| Current liabilities Financial liabilities - Trade payables - total outstanding dues of micro and small enterprises; and | 0.00 | 0.00 |
| - total outstanding dues of Creditors other than micro and small enterprises. | 0.00 | — |
| - Other financial liabilities | 19.00 | 49.00 |
| Other current liabilities | 6.00 | 0.00 |
| Current tax liabilities (net) | 3.00 | 0.00 |
| Total current liabilities | 49.00 | — |
| Total equity and liabilities | 177,448.00 | 0.00 |
| Significant accounting policies See the accompanying notes to the standalone Financial Statements 4 - 37 As per our report of even date attached. for Deloitte Haskins & Sells LLP for and on behalf of the Governing Board of Chartered Accountants K Raheja Corp Investment Managers LLP Firm’s registration number: 117366W/W-100018 (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Vinod N. Rohira Preeti N. Chheda Partner Member Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 DIN: 00460667 DIN: 08066703 Place: Mumbai Place: London Place: Mumbai Place: Mumbai Date: 14-May-2021 Date: 14-May-2021 Date: 14-May-2021 Date: 14-May-2021 Mindspace Business Parks REIT | 152.00 | — |
| (All amounts in ` million unless otherwise stated) Standalone Statement of Profit and Loss for the year ended 31 March 2021 Note For the year ended 31 March 2021 From 18 November 2019 to 31 March 2020* INCOME AND GAINS Interest | 789.00 | 0.00 |
| Dividend | 5,344.00 | 0.00 |
| Other Income | 12.00 | 0.00 |
| Total Income | 6,145.00 | 0.00 |
| EXPENSES Valuation expenses | 0.00 | — |
| Audit fees | 1.00 | — |
| Insurance expenses | 0.00 | — |
| Management fees | 0.00 | — |
| Trustee fees | 0.00 | — |
| Legal and professional fees | 25.00 | — |
| Other expenses | 7.00 | 23.00 |
| Total Expenses | 49.00 | — |
| Earnings/ (loss) before finance costs, depreciation, amortization and tax | 6,069.00 | -49.00 |
| Finance costs | 230.00 | 0.00 |
| Depreciation and amortization expense | 0.00 | 0.00 |
| Profit/ (loss) before tax | 5,839.00 | -49.00 |
| TAX EXPENSE: Current tax | 5.00 | 0.00 |
| Deferred tax | 0.00 | 0.00 |
| Profit/ (loss) for the period / year | 5,834.00 | -49.00 |
| Items of other comprehensive income Items that will not be reclassified subsequently to profit or loss - Remeasurements of defined benefit liability, net of tax | 0.00 | 0.00 |
| Total comprehensive income for the period / year | 5,834.00 | -49.00 |
| Earning per unit Basic | 14.67 | — |
| Not Applicable Diluted | 14.67 | — |
| Not Applicable Significant accounting policies See the accompanying notes to the Standalone Financial Statements. 4 - 37 *Since Mindspace REIT was registered pursuant to a trust deed dated 18 November 2019, the management has provided the information in Standalone Statement of Profit and Loss with effect from said period i.e. 18 November 2019 for the year ended 31 March 2020. As per our report of even date attached. for Deloitte Haskins & Sells LLP for and on behalf of the Governing Board of Chartered Accountants K Raheja Corp Investment Managers LLP Firm’s registration number: 117366W/W-100018 (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Vinod N. Rohira Preeti N. Chheda Partner Member Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 DIN: 00460667 DIN: 08066703 Place: Mumbai Place: London Place: Mumbai Place: Mumbai Date: 14-May-2021 Date: 14-May-2021 Date: 14-May-2021 Date: 14-May-2021 Annual Report 2020-21 | 153.00 | — |
NAV · CONSOLIDATED · 2024-03-31, 2023-03-31 · UNKNOWN MINDSPACE_e71183581969 p164
| Line | 2024-03-31 | 2023-03-31 |
|---|---|---|
| Consolidated Financial Statements FINANCIAL STATEMENTS Statement of Net Assets at fair value RN:IN/REIT/19-20/003 Statement of Net Assets at fair value RN:IN/REIT/19-20/003 (all amounts in H million unless otherwise stated) (all amounts in H million unless otherwise stated) Disclosure pursuant to SEBI circular No. CIR/IMD/DF/146/2016 A) Statement of Net Assets At Fair Value (Total) S. No Particulars As at March 31, 2024 As at March 31, 2023 Book Value* Fair Value Book Value* Fair Value A Assets | 238,446.00 | 323,575.00 |
| B Liabilities** | 89,161.00 | 86,158.00 |
| C Net Assets (A-B) | 149,285.00 | 237,417.00 |
| D Less: Non controlling interests | 7,596.00 | 11,746.00 |
| E Net Assets attributable to unit holders of Mindspace REIT (C-D) | 141,689.00 | 225,671.00 |
| F No. of units | 593,018,182.00 | 593,018,182.00 |
| G Net Assets Value per unit (E/F) | 239.00 | 381.00 |
| * as reflected in the Balance Sheet **Refer Note-5 below Measurement of fair values: The fair values of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress are solely based on an independent valuation performed by an external property valuer ("independent valuer"), having appropriately recognized professional qualification and recent experience in the location and category of the properties being valued. Other assets include cash and cash equivalents, other bank balances and other working capital balances which are not factored in the discounted cashflow method used in determining the fair value of investment property, investment property under development, property, plant and equipment, capital work-in-progress and intangibles. Valuation technique The fair value measurement for all of the Investment property, Property, plant and equipment, Investment property under construction and Capital work- in-progress (excluding Pocharam) has been categorized as a Level 3 fair value based on the inputs to the valuation technique used. The valuer has followed a Discounted Cash Flow method, except for valuation of land for future development where the valuer has adopted Market Approach or Government Benchmark Price / Guideline Value as may be applicable. The Discounted Cash Flow valuation model considers the present value of net cash flows to be generated from the respective properties, taking into account the expected rental growth rate, vacancy period, occupancy rate, and lease incentive costs. The expected net cash flows are discounted using the risk adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location (prime vs secondary), tenant credit quality, lease terms and investor return expectations from such properties. The existing buildings in Pocharam are unoccupied. Considering the absence of leasing demand in the near term, and therefore no expected income stream and also since the asset is held for sale, the Valuer has opted for the Cost Approach. Under this method, the land component is assessed using the Comparable Sales/Quoted Instances Method under the Market Approach while building and plant & machinery components have been valued using the Depreciated Replacement Cost Method. Notes Project wise break up of fair value of assets as at March 31, 2024 is as follows Particulars Fair Value of Investment property, Property, plant and equipment and Investment property under construction Other assets at book value Total assets Intime | 19,559.00 | 1,601.00 |
| KRIT | 37,865.00 | 818.00 |
| Sundew | 63,634.00 | 517.00 |
| MBPPL MBPPL - Mindspace Airoli East | 47,524.00 | 3,317.00 |
| MBPPL - Mindspace Pocharam** | 1,488.00 | — |
| MBPPL - Commerzone Yerwada | 18,259.00 | — |
| MBPPL - The Square, Nagar Road | 9,230.00 | — |
| Gigaplex | 48,021.00 | 1,064.00 |
| Avacado Avacado - Mindspace Malad | 11,329.00 | 124.00 |
| Avacado - The Square, BKC | 4,917.00 | — |
| KRC Infra KRC Infra - Gera Commerzone Kharadi | 31,315.00 | 882.00 |
| KRC Infra - Camplus | 7,545.00 | — |
| Horizonview | 11,363.00 | 115.00 |
| Mindspace REIT | 0.00 | 47,808.00 |
| Less: Eliminations and Other Adjustments* | -44,721.00 | -44,721.00 |
| Total | 312,048.00 | 11,525.00 |
| Less: Non-controlling interest | -13,316.00 | -350.00 |
| Total attributable to owners | 298,732.00 | 11,175.00 |
| * It includes eliminations primarily pertaining to inter company lending / borrowing and consolidation adjustments ** Classified as Asset Held for Sale Project wise break up of fair value of assets as at March 31, 2023 is as follows Particulars Fair Value of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress Other assets at book value Total assets Intime | 18,911.00 | 1,898.00 |
| KRIT | 34,243.00 | 625.00 |
| Sundew | 62,189.00 | 398.00 |
| MBPPL MBPPL - Mindspace Airoli East | 45,213.00 | 6,272.00 |
| MBPPL - Mindspace Pocharam | 2,327.00 | — |
| MBPPL - Commerzone Yerwada | 19,389.00 | — |
| MBPPL - The Square, Nagar Road | 9,223.00 | — |
| Gigaplex | 44,865.00 | 741.00 |
| Avacado Avacado - Mindspace Malad | 10,582.00 | 1,292.00 |
| Avacado - The Square, BKC | 4,653.00 | — |
| KRC Infra KRC Infra - Gera Commerzone Kharadi | 26,162.00 | 1,524.00 |
| KRC Infra - Camplus | 6,991.00 | — |
| Horizonview | 8,205.00 | 301.00 |
| Mindspace REIT | 0.00 | 35,421.00 |
| Less: Eliminations and Other Adjustments* | 0.00 | -40,251.00 |
| Total | 292,953.00 | 8,221.00 |
| Less: Non-controlling interest | -12,688.00 | -321.00 |
| Total attributable to owners | 280,265.00 | 7,900.00 |
| * It includes eliminations primarily pertaining to inter company lending / borrowing and consolidation adjustments Other assets at book value excludes capital advances, unbilled revenue, finance lease receivable and regulatory assets (which form part of fair valuation of the Investment property, Property, plant and equipment and Investment property under construction). | 4.00 | — |
| Power Deemed Distribution License operations in Gigaplex, MBPPL and KRC Infra have been valued by the valuer separately using Discounted Cash Flow method. Liabilities at book value for calculation of fair value of NAV excludes lease liability, provision for revenue share, capital creditors (other than related to initial direct cost) and retention payables (which form part of fair valuation of the Investment property, Property, plant and equipment and Investment property under construction). Material accounting policies | 3.00 | — |
| See the accompanying notes to the Consolidated Financial Statements 4-59 As per our report of even date attached. For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors of Chartered Accountants K Raheja Corp Investment Managers Private Limited Firm’s registration number: 117366W/W-100018 (Formerly known as K Raheja Corp Investment Managers LLP) (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Ramesh Nair Preeti N. Chheda Partner Director Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date: April 30, 2024 Date: April 30, 2024 Date: April 30, 2024 Date: April 30, 2024 ANNUAL REPORT 2023-24 MINDSPACE BUSINESS PARKS REIT | 325.00 | 324.00 |
NAV · UNSTATED · 2025-03-31, 2024-03-31 · UNKNOWN MINDSPACE_af9750b1a3b6 p193
| Line | 2025-03-31 | 2024-03-31 |
|---|---|---|
| A) STATEMENT OF NET ASSETS AT FAIR VALUE S. No Particulars As at March 31, 2025 As at March 31, 2024 Book Value* Fair Value Book Value* Fair Value A Assets | 271,603.28 | 397,898.74 |
| B Liabilities** | 123,497.78 | 121,119.66 |
| C Net Assets (A-B) | 148,105.50 | 276,779.08 |
| D Less: Non controlling interests | 7,561.06 | 13,794.89 |
| E Net Assets attributable to unit holders of Mindspace REIT (C-D) | 140,544.44 | 262,984.18 |
| F No. of units | 609,183,634.00 | 609,183,634.00 |
| G Net Assets Value per unit (E/F) | 230.71 | 431.70 |
| *as reflected in the Balance Sheet **Refer Note 5 below Measurement of fair values: The fair values of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress are solely based on an independent valuation performed by an external property valuer (“independent valuer”), having appropriately recognised professional qualification and recent experience in the location and category of the properties being valued. Other assets include cash and cash equivalents, other bank balances and other working capital balances which are not factored in the discounted cashflow method used in determining the fair value of investment property, investment property under development, property, plant and equipment, capital work-in-progress and intangibles. Valuation technique: The fair value measurement for all of the Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress including Pocharam, which has been classified as held for sale (excluding Pocharam building) has been categorised as a Level 3 fair value based on the inputs to the valuation technique used. The valuer has followed a Discounted Cash Flow method, except for valuation of land for future development where the valuer has adopted Comparable Sales Method (under the Market Approach) . The Discounted Cash Flow valuation model considers the present value of net cash flows to be generated from the respective properties, taking into account the expected rental growth rate, vacancy period, occupancy rate, and lease incentive costs. The expected net cash flows are discounted using the risk adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location (prime vs secondary), tenant credit quality, lease terms and investor return expectations from such properties. The existing buildings in Pocharam are unoccupied. Considering the absence of leasing demand in the near term, and therefore no expected income stream and also since the asset is held for sale, the Valuer has opted for the Cost Approach. Under this method, the building and plant & machinery components have been valued using the Depreciated Replacement Cost Method.The same has been categorised as a Level 3 fair value based on the inputs from the valuation technique used. Notes Project wise break up of fair value of assets as at March 31, 2025 is as follows Particulars Fair value of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress Other assets at book value Total assets Intime | 25,227.82 | 1,664.63 |
| KRIT | 49,302.81 | 1,358.78 |
| Sundew | 71,721.97 | 1,418.53 |
| Disclosure pursuant to SEBI circular No. SEBI/HO/DDHS- PoD-2/P/CIR/2024/43 (All amounts are in ` million unless otherwise stated) | 382.00 | — |
| Annual Report 2024-25 Particulars Fair value of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress Other assets at book value Total assets MBPPL MBPPL - Mindspace Airoli East | 49,988.82 | 4,220.40 |
| MBPPL - Mindspace Pocharam** | 1,465.29 | — |
| MBPPL - Commerzone Yerwada | 20,428.48 | — |
| MBPPL - The Square, Nagar Road | 9,343.77 | — |
| Sustain | 22,177.65 | 575.89 |
| Gigaplex | 56,708.59 | 2,063.96 |
| Avacado Avacado - Mindspace Malad | 12,649.76 | 459.13 |
| Avacado - The Square, BKC | 5,058.14 | — |
| KRC Infra KRC Infra - Gera Commerzone Kharadi | 36,511.26 | 1,345.29 |
| KRC Infra - Camplus | 9,861.32 | — |
| Horizonview | 12,115.06 | 474.27 |
| Mindspace REIT | 0.00 | 50,412.53 |
| Less: Eliminations and Other Adjustments* | 0.00 | -48,655.41 |
| Total | 382,560.75 | 15,338.00 |
| Less: Non-controlling interest | -16,087.79 | -505.20 |
| Total attributable to unitholders | 366,472.96 | 14,832.80 |
| *It includes eliminations primarily pertaining to lending to SPVs by Mindspace REIT and consolidation adjustments **Classified as “Asset Held for Sale” Project wise break up of fair value of assets as at March 31, 2024 is as follows Particulars Fair value of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress Other assets at book value Total assets Intime | 19,558.57 | 1,600.93 |
| KRIT | 37,865.34 | 818.17 |
| Sundew | 63,633.75 | 517.14 |
| MBPPL MBPPL - Mindspace Airoli East | 47,523.86 | 3,316.83 |
| MBPPL - Mindspace Pocharam** | 1,487.86 | — |
| MBPPL - Commerzone Yerwada | 18,258.57 | — |
| MBPPL - The Square, Nagar Road | 9,230.47 | — |
| Gigaplex | 48,020.78 | 1,063.72 |
| Avacado Avacado - Mindspace Malad | 11,328.74 | 124.41 |
| Avacado - The Square, BKC | 4,917.40 | — |
| Disclosure pursuant to SEBI circular No. SEBI/HO/DDHS- PoD-2/P/CIR/2024/43 (All amounts are in ` million unless otherwise stated) | 383.00 | — |
| MINDSPACE BUSINESS PARKS REIT Financial Statements Statutory Reports Corporate Overview Particulars Fair value of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress Other assets at book value Total assets KRC Infra KRC Infra - Gera Commerzone Kharadi | 31,315.10 | 882.45 |
| KRC Infra - Camplus | 7,544.56 | — |
| Horizonview | 11,363.39 | 115.10 |
| Mindspace REIT | 0.00 | 47,808.00 |
| Less: Eliminations and Other Adjustments* | 0.00 | -44,720.43 |
| Total | 312,048.39 | 11,526.32 |
| Less: Non-controlling interest | -13,316.00 | -349.88 |
| Total attributable to unitholders | 298,732.39 | 11,176.44 |
| *It includes eliminations primarily pertaining to lending to SPVs by Mindspace REIT and consolidation adjustments. **Classified as “Asset Held for Sale” Other assets at book value excludes capital advances, unbilled revenue, finance lease receivable and regulatory assets (which form part of fair valuation of the Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress) | 4.00 | — |
| Power Deemed Distribution License operations in Gigaplex, MBPPL and KRC Infra have been valued by the valuer separately using Discounted Cash Flow method. Liabilities at book value for calculation of fair value of NAV excludes lease liability, provision for revenue share, capital creditors (other than related to initial direct cost), retention payables and regulatory liabilities (which form part of fair valuation of the Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress). Material accounting policies - refer note 3 See the accompanying notes to the Consolidated Financial Statements 4-61 Disclosure pursuant to SEBI circular No. SEBI/HO/DDHS- PoD-2/P/CIR/2024/43 (All amounts are in ` million unless otherwise stated) As per our report of even date attached For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors of Chartered Accountants K Raheja Corp Investment Managers Private Limited Firm’s registration number: 117366W/W-100018 (Formerly known as K Raheja Corp Investment Managers LLP) (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Ramesh Nair Preeti N. Chheda Bharat Sanghavi Partner Director Managing Director & Chief Executive Officer Chief Financial Officer Compliance Officer Membership number: 49660 DIN: 00029010 DIN: 09282712 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date: April 30, 2025 Date: April 30, 2025 Date: April 30, 2025 Date: April 30, 2025 Date: April 30, 2025 | 384.00 | — |
| Annual Report 2024-25 B) STATEMENT OF TOTAL RETURN AT FAIR VALUE (ATTRIBUTABLE TO UNIT HOLDERS OF MINDSPACE REIT) Total Return - Attributable to unit holders of Mindspace REIT S. No Particulars For the year ended March 31, 2025 For the year ended March 31, 2024 A Total comprehensive Income | 4,759.64 | 5,250.08 |
| B Add: Changes in fair value not recognised in total comprehensive income (refer Note 2 below) | 38,457.88 | 11,248.74 |
| C Total Return (A+B) | 43,217.52 | 16,498.82 |
| Note: Measurement of fair values: The fair values of Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress are solely based on an independent valuation performed by an external property valuer (“independent valuer”), having appropriately recognised professional qualification and recent experience in the location and category of the properties being valued. | 2.00 | — |
| In the above statement, changes in fair value not recognised for the year ended March 31, 2025 and year ended March 31, 2024, have been computed based on the change in fair values for such periods adjusted for change in book value of Investment Property, Investment property under construction and Property, Plant and Equipment and Capital work in progress, Capital advances, Unbilled revenue, Finance lease receivable, regulatory assets, Capital creditors (other than related to initial direct cost), Retention payables, Regulatory Liabilities and Lease Liabilities for the respective periods. Material accounting policies - refer note 3 See the accompanying notes to the Consolidated Financial Statements 4-61 Disclosure pursuant to SEBI circular No. SEBI/HO/DDHS- PoD-2/P/CIR/2024/43 (All amounts are in ` million unless otherwise stated) As per our report of even date attached For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors of Chartered Accountants K Raheja Corp Investment Managers Private Limited Firm’s registration number: 117366W/W-100018 (Formerly known as K Raheja Corp Investment Managers LLP) (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Ramesh Nair Preeti N. Chheda Bharat Sanghavi Partner Director Managing Director & Chief Executive Officer Chief Financial Officer Compliance Officer Membership number: 49660 DIN: 00029010 DIN: 09282712 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date: April 30, 2025 Date: April 30, 2025 Date: April 30, 2025 Date: April 30, 2025 Date: April 30, 2025 | 385.00 | — |
CF · STANDALONE · 2022-03-31, 2021-03-31 · UNKNOWN MINDSPACE_4507b22d72ef p89
| Line | 2022-03-31 | 2021-03-31 |
|---|---|---|
| Standalone Statement of Cash Flow RN:IN/REIT/19-20/003 For the year ended 31 March 2022 For the year ended 31 March 2021 Cash flow from financing activities Proceeds from issue of units | 0.00 | 10,000.00 |
| Loans taken from SPVs | 0.00 | 150.00 |
| Loans repaid to SPVs | 0.00 | -150.00 |
| Collection towards Offer For Sale | 0.00 | 35,000.00 |
| Corpus received | 0.00 | 0.00 |
| Payment to Sponsor Group and Blackstone entities in respect of Offer For Sale | 0.00 | -35,000.00 |
| Expenses incurred towards Initial Public Offering | 0.00 | -264.00 |
| Proceeds from issue of debentures | 5,000.00 | 11,500.00 |
| Distribution to unit holders | -11,060.00 | -2,835.00 |
| Recovery Expense Fund Deposits | -1.00 | -1.00 |
| Interest paid | -232.00 | -39.00 |
| Debentures issue expenses | -36.00 | -70.00 |
| Net cash generated / (used in) from financing activities | -6,329.00 | 18,291.00 |
| Net (decrease) / increase in cash and cash equivalents | -124.00 | 2,938.00 |
| Cash and cash equivalents at the beginning of the year | 2,938.00 | 0.00 |
| Cash and cash equivalents at the end of the year | 2,814.00 | 2,938.00 |
| Cash and cash equivalents comprise: Cash on hand | 0.00 | 0.00 |
| Balances with banks - in current accounts | 2,814.00 | 2,888.00 |
| - in escrow accounts | 0.00 | 0.00 |
| Fixed deposits with original maturity less than 3 months | 0.00 | 50.00 |
| Cash and cash equivalents at the end of the year (refer note 10) | 2,814.00 | 2,938.00 |
| Note: The Trust had issued Units in exchange for investments in SPVs during the period ended 30 September 2020. The same has not been reflected in Standalone Statement of Cash Flows during the period ended 31 March 2021 since these were non-cash transactions. (refer note 14(iii)) The above Statement of Cash Flows has been prepared under the ‘Indirect Method’ as set out in the Ind AS 7- Statement of Cash Flows Significant accounting policies See the accompanying notes to the Standalone Financial Statements. 4-43 As per our report of even date attached. for Deloitte Haskins & Sells LLP for and on behalf of the Governing Board of Chartered Accountants K Raheja Corp Investment Managers LLP Firm’s registration number: 117366W/W-100018 (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Vinod N. Rohira Preeti N. Chheda Partner Member Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 DIN: 00460667 DIN: 08066703 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date : 12-May-2022 Date : 12-May-2022 Date : 12-May-2022 Date : 12-May-2022 (all amounts in C million unless otherwise stated) Standalone Statement of Cash Flow RN:IN/REIT/19-20/003 For the year ended 31 March 2022 For the year ended 31 March 2021 Cash flows from operating activities Profit before tax | 11,036.00 | 5,839.00 |
| Adjustments: Interest income | -1,677.00 | -789.00 |
| Dividend income | -10,337.00 | -5,344.00 |
| Guarantee commission fees | -9.00 | -7.00 |
| Net gains/(losses) on financial assets at fair value through profit or loss | 0.00 | -3.00 |
| Gain on redemption of mutual fund units | -2.00 | -2.00 |
| Finance costs | 867.00 | 230.00 |
| Operating cash flows before working capital changes | -122.00 | -76.00 |
| Changes in: (Increase) / Decrease in financial and other assets | -13.00 | — |
| Increase / (Decrease) in financial and other liabilities | -26.00 | — |
| Increase / (Decrease) in Trade payables | -4.00 | 12.00 |
| Cash (used in)/ generated from operations | -118.00 | -103.00 |
| Income taxes paid, net | -7.00 | -3.00 |
| Net cash generated / (used in) from operating activities | -125.00 | -106.00 |
| Cash flow from investing activities Loans given to SPVs | -26,611.00 | -26,682.00 |
| Loans repaid by SPVs | 21,520.00 | 5,504.00 |
| Purchase of Investments (Preference shares) | 0.00 | -334.00 |
| Investment in mutual fund | -1,945.00 | -7,525.00 |
| Proceeds from Redemption of mutual fund | 1,947.00 | 7,527.00 |
| Proceeds from Redemption of Preference shares | 0.00 | 337.00 |
| Investment in fixed deposits | -1,425.00 | -387.00 |
| Maturity proceeds of fixed deposits | 1,427.00 | 388.00 |
| Dividend received | 10,337.00 | 5,344.00 |
| Interest received | 1,080.00 | 581.00 |
| Net cash generated / (used in) investing activities | 6,330.00 | -15,247.00 |
| (all amounts in C million unless otherwise stated) MINDSPACE BUSINESS PARKS REIT | 175.00 | 174.00 |
BS · STANDALONE · 2023-03-31, 2022-03-31 · UNKNOWN MINDSPACE_cfae945305ae p117
| Line | 2023-03-31 | 2022-03-31 |
|---|---|---|
| (all amounts in C million unless otherwise stated) (all amounts in C million unless otherwise stated) Standalone Balance Sheet RN:IN/REIT/19-20/003 Standalone Statement of Profit and Loss RN:IN/REIT/19-20/003 Note As at 31 March 2023 As at 31 March 2022 ASSETS Non-current assets Financial assets – Investments | 153,103.00 | 153,103.00 |
| – Loans | 29,879.00 | 21,268.00 |
| – Other financial assets | 564.00 | 263.00 |
| Other non-current assets | 2.00 | 4.00 |
| Total non-current assets | 183,548.00 | 174,638.00 |
| Current assets Financial assets – Loans | 1,980.00 | 5,000.00 |
| – Cash and cash equivalents | 2,984.00 | 2,814.00 |
| – Other financial assets | 4.00 | 559.00 |
| Other current assets | 8.00 | 9.00 |
| Total current assets | 4,976.00 | 8,382.00 |
| Total assets | 188,524.00 | 183,020.00 |
| EQUITY AND LIABILITIES EQUITY Corpus | 0.00 | 0.00 |
| Unit capital | 162,839.00 | 162,839.00 |
| Other equity | 3,202.00 | 2,919.00 |
| Total equity | 166,041.00 | 165,758.00 |
| LIABILITIES Non-current liabilities Financial liabilities – Borrowings | 19,892.00 | 11,422.00 |
| – Other financial liabilities | 540.00 | 271.00 |
| Total non-current liabilities | 20,432.00 | 11,692.00 |
| Current liabilities Financial liabilities – Borrowings | 1,996.00 | 4,997.00 |
| – Trade payables – total outstanding dues of micro and small enterprises; and | 1.00 | 1.00 |
| – total outstanding dues of Creditors other than micro and small enterprises | 9.00 | — |
| – Other financial liabilities | 29.00 | 560.00 |
| Other current liabilities | 7.00 | 1.00 |
| Current tax liabilities (net) | 2.00 | 1.00 |
| Total current liabilities | 2,051.00 | 5,569.00 |
| Total liabilities | 22,483.00 | 17,262.00 |
| Total equity and liabilities | 188,524.00 | 183,020.00 |
| Significant accounting policies See the accompanying notes to the standalone financial statements 4 - 39 As per our report of even date attached. For Deloitte Haskins & Sells LLP For and on behalf of the Governing Board of Chartered Accountants K Raheja Corp Investment Managers LLP Firm’s registration number: 117366W/W-100018 (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Vinod N. Rohira Preeti N. Chheda Partner Member Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 DIN: 00460667 DIN: 08066703 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date : 04-May-2023 Date : 04-May-2023 Date : 04-May-2023 Date : 04-May-2023 Note For the year ended 31 March 2023 For the year ended 31 March 2022 Income and gains Interest | 22.00 | 2,123.00 |
| Dividend | 10,662.00 | 10,337.00 |
| Other Income | 37.00 | 11.00 |
| Total Income | 12,822.00 | 12,025.00 |
| Expenses Valuation expenses | 9.00 | — |
| Audit fees | 5.00 | — |
| Insurance expenses | 1.00 | — |
| Management fees | 64.00 | — |
| Trustee fees | 2.00 | — |
| Legal and professional fees* | 24.00 | — |
| Other expenses | 22.00 | 17.00 |
| Total Expenses | 174.00 | 122.00 |
| Earnings before finance costs and tax | 12,648.00 | 11,903.00 |
| Finance costs | 1,139.00 | 867.00 |
| Profit before tax | 11,509.00 | 11,036.00 |
| Tax expense: Current tax | 18.00 | 6.00 |
| Deferred tax | 0.00 | 0.00 |
| Profit for the year | 11,491.00 | 11,030.00 |
| Items of other comprehensive income Items that will not be reclassified subsequently to profit or loss | 0.00 | 0.00 |
| - Remeasurements of defined benefit liability, net of tax | 0.00 | 0.00 |
| Total comprehensive income for the year | 11,491.00 | 11,030.00 |
| Earning per unit Basic | 19.38 | 18.60 |
| Diluted | 19.38 | 18.60 |
| Significant accounting policies See the accompanying notes to the Standalone Financial Statements. 4 - 39 * Legal and professional fees includes payments made to auditor’s towards certification fees amounting to ₹ 1 million (31 March 2022: ₹ 1 million). As per our report of even date attached. For Deloitte Haskins & Sells LLP For and on behalf of the Governing Board of Chartered Accountants K Raheja Corp Investment Managers LLP Firm’s registration number: 117366W/W-100018 (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Vinod N. Rohira Preeti N. Chheda Partner Member Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 DIN: 00460667 DIN: 08066703 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date : 04-May-2023 Date : 04-May-2023 Date : 04-May-2023 Date : 04-May-2023 Annual Report 2022-23 Mindspace Business Parks REIT | 230.00 | 231.00 |
CF · STANDALONE · 2023-03-31, 2022-03-31 · UNKNOWN MINDSPACE_cfae945305ae p118
| Line | 2023-03-31 | 2022-03-31 |
|---|---|---|
| (all amounts in C million unless otherwise stated) (all amounts in C million unless otherwise stated) Standalone Statement of Cash Flows RN:IN/REIT/19-20/003 Standalone Statement of Cash Flows RN:IN/REIT/19-20/003 For the year ended 31 March 2023 For the year ended 31 March 2022 Cash flows from operating activities Profit before tax | 11,509.00 | 11,036.00 |
| Adjustments: Interest income | -2,123.00 | -1,677.00 |
| Dividend income | -10,662.00 | -10,337.00 |
| Guarantee commission fees | -16.00 | -9.00 |
| Gain on redemption of mutual fund units | -21.00 | -2.00 |
| Finance costs | 1,139.00 | 867.00 |
| Operating cash flows before working capital changes | -174.00 | -122.00 |
| Changes in: (Increase) / Decrease in financial and other assets | -15.00 | 0.00 |
| Increase / (Decrease) in financial and other liabilities | 8.00 | — |
| Increase / (Decrease) in Trade payables | -4.00 | — |
| Cash (used in) / generated from operations | -182.00 | -118.00 |
| Income taxes paid, net | -17.00 | -7.00 |
| Net cash generated / (used in) from operating activities | -199.00 | -125.00 |
| Cash flow from investing activities Loans given to SPVs | -50,615.00 | -26,611.00 |
| Loans repaid by SPVs | 45,025.00 | 21,520.00 |
| Investment in mutual fund | -13,309.00 | -1,945.00 |
| Proceeds from Redemption of mutual fund | 13,330.00 | 1,947.00 |
| Investment in fixed deposits | -800.00 | -1,425.00 |
| Maturity proceeds of fixed deposits | 806.00 | 1,427.00 |
| Dividend received | 10,662.00 | 10,337.00 |
| Interest received | 2,388.00 | 1,080.00 |
| Net cash generated / (used in) investing activities | 7,487.00 | 6,330.00 |
| For the year ended 31 March 2023 For the year ended 31 March 2022 Cash flow from financing activities Proceeds from issue of Debentures | 10,500.00 | 5,000.00 |
| Redemption of Debentures | -5,000.00 | 0.00 |
| Proceeds from issue of Commercial Paper | 983.00 | 0.00 |
| Redemption of Commercial Paper | -983.00 | 0.00 |
| Distribution to unit holders | -11,208.00 | -11,060.00 |
| Recovery Expense Fund Deposits | -1.00 | -1.00 |
| Interest paid | -1,351.00 | -232.00 |
| Debentures issue expenses | -58.00 | -36.00 |
| Net cash generated / (used in) from financing activities | -7,118.00 | -6,329.00 |
| Net (decrease) / increase in cash and cash equivalents | 170.00 | -124.00 |
| Cash and cash equivalents at the beginning of the year | 2,814.00 | 2,938.00 |
| Cash and cash equivalents at the end of the year | 2,984.00 | 2,814.00 |
| Cash and cash equivalents comprise: Cash on hand | 0.00 | 0.00 |
| Balances with banks – in current accounts | 2,984.00 | 2,814.00 |
| Cash and cash equivalents at the end of the year (refer note 9) | 2,984.00 | 2,814.00 |
| Significant accounting policies See the accompanying notes to the Standalone Financial Statements. 4 - 39 As per our report of even date attached. For Deloitte Haskins & Sells LLP For and on behalf of the Governing Board of Chartered Accountants K Raheja Corp Investment Managers LLP Firm’s registration number: 117366W/W-100018 (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Vinod N. Rohira Preeti N. Chheda Partner Member Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 DIN: 00460667 DIN: 08066703 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date : 04-May-2023 Date : 04-May-2023 Date : 04-May-2023 Date : 04-May-2023 Annual Report 2022-23 Mindspace Business Parks REIT | 232.00 | 233.00 |
CF · CONSOLIDATED · 2023-03-31, 2022-03-31 · UNKNOWN MINDSPACE_cfae945305ae p143
| Line | 2023-03-31 | 2022-03-31 |
|---|---|---|
| (all amounts in C million unless otherwise stated) (all amounts in C million unless otherwise stated) Consolidated Statement of Cash Flows RN:IN/REIT/19-20/003 For the year ended 31 March 2023 For the year ended 31 March 2022 A Cash flows from operating activities Profit before tax | 7,384.00 | 7,143.00 |
| Adjustments for: Depreciation and amortisation expense | 3,554.00 | 3,289.00 |
| Finance costs | 3,431.00 | 2,644.00 |
| Interest income | -47.00 | -35.00 |
| Provision for doubtful debts (net) | 3.00 | — |
| Assets written off/ Demolished | 187.00 | 73.00 |
| Gain on redemption of mutual fund units | -38.00 | -12.00 |
| Foreign exchange fluctuation loss (net) | 0.00 | — |
| Liabilities no longer required written back | -17.00 | -50.00 |
| Exceptional Items (refer note 55A, 55B, 56A and 56B) | 1,368.00 | 843.00 |
| Operating cash flow before working capital changes | 15,873.00 | 13,897.00 |
| Movement in working capital (Increase) / decrease in inventories | -46.00 | 13.00 |
| (Increase) / decrease in trade receivables | 708.00 | 2.00 |
| (Increase) / decrease in other financial assets and other assets | -1,093.00 | -649.00 |
| Increase / (decrease) in other financial liabilities, other liabilities and provisions | 361.00 | 32.00 |
| (Decrease) / increase in regulatory deferral account (assets / liabilities) | -141.00 | -76.00 |
| (Decrease) / increase in trade payables | 179.00 | — |
| Cash generated/(used in) from operations | 15,666.00 | 13,398.00 |
| Direct taxes paid net of refund received | -1,736.00 | -1,780.00 |
| Net cash generated from operating activities (A) | 13,930.00 | 11,618.00 |
| B Cash flows from investing activities Expenditure incurred on investment property and investment property under construction including capital advances, net of capital creditors | -7,634.00 | -5,632.00 |
| Expenditure incurred on Property, Plants and Equipment and Capital work-in progress | -26.00 | -110.00 |
| Proceeds from sale of investment property under construction | 0.00 | 1,200.00 |
| Proceeds from sale of investment property,& property plant and equipments | 5.00 | — |
| Investment in Government Bond | -6.00 | -5.00 |
| Investment in mutual fund | -22,501.00 | -7,599.00 |
| Proceeds from redemption of mutual fund | 22,537.00 | 7,611.00 |
| Movement in fixed deposits/other bank balances | -65.00 | — |
| Interest received | 37.00 | — |
| Net cash (used in) / generated from investing activities ( B ) | -7,506.00 | -4,558.00 |
| Consolidated Statement of Cash Flows RN:IN/REIT/19-20/003 For the year ended 31 March 2023 For the year ended 31 March 2022 C Cash flows from financing activities Proceeds from external borrowings | 9,391.00 | 5,778.00 |
| Repayment of external borrowings | -13,379.00 | -8,208.00 |
| Proceeds from issue of non-convertible debentures and bonds | 15,400.00 | 9,000.00 |
| Proceeds from issue of commercial paper | 983.00 | 0.00 |
| Non-convertible debentures issue expenses | -81.00 | -61.00 |
| Redemption of Commercial Paper | -983.00 | 0.00 |
| Payment towards lease liabilities | -13.00 | -14.00 |
| Distribution to unitholders and dividend to Non-Controlling Interest holder (including tax) | -12,009.00 | -11,892.00 |
| Recovery Expense Fund Deposits | -1.00 | -1.00 |
| Finance costs paid | -3,871.00 | -2,145.00 |
| Net cash generated (used in) financing activities ( C ) | -4,563.00 | -7,543.00 |
| Net increase/(decrease) in cash and cash equivalents (A+B+C) | 1,861.00 | -483.00 |
| Cash and cash equivalents at the beginning of the year | 982.00 | 1,465.00 |
| Cash and cash equivalents at the end of the year | 2,843.00 | 982.00 |
| Cash and cash equivalents comprises (refer note no. 16A & 27) Cash on hand | 2.00 | — |
| Balance with banks – on current accounts | 3,176.00 | 3,046.00 |
| – in escrow accounts | 0.00 | — |
| – in deposit accounts with original maturity of less than three months | 880.00 | 430.00 |
| Less : Bank overdraft | -1,219.00 | -2,496.00 |
| Cash and cash equivalents at the end of the year | 2,843.00 | 982.00 |
| Significant accounting policies Note: 1. The above Cash Flow Statement has been prepared under the ‘Indirect Method’ as set out in the Accounting Standard (IND AS) 7 - “Statement of Cash Flows”. 2. Refer note 6(a) for non cash transactions. See the accompanying notes to the Consolidated Financial Statements 4-59 As per our report of even date attached. For Deloitte Haskins & Sells LLP For and on behalf of the Governing Board of Chartered Accountants K Raheja Corp Investment Managers LLP Firm’s registration number: 117366W/W-100018 (acting as the Manager to Mindspace Business Parks REIT) Nilesh Shah Neel C. Raheja Vinod N. Rohira Preeti N. Chheda Partner Member Chief Executive Officer Chief Financial Officer Membership number: 49660 DIN: 00029010 DIN: 00460667 DIN: 08066703 Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Date : 04 May 2023 Date : 04 May 2023 Date : 04 May 2023 Date : 04 May 2023 Annual Report 2022-23 Mindspace Business Parks REIT | 282.00 | 283.00 |
| Consolidated Financial Statements (all amounts in C million unless otherwise stated) (all amounts in C million unless otherwise stated) Consolidated Statement of changes in Unit holder’s Equity RN:IN/REIT/19-20/003 Consolidated Statement of changes in Unit holder’s Equity RN:IN/REIT/19-20/003 A. Corpus Amount Balance as on 1 April 2021 Additions during the year | 0.00 | — |
| Closing balance as at 31 March 2022 Balance as on 1 April 2022 | 0.00 | — |
| Additions during the year | 0.00 | — |
| Closing balance as at 31 March 2023 B. Unit Capital Amount Balance as at 1 April 2021 | 162,839.00 | — |
| Changes during the year | 0.00 | — |
| Balance as at 31 March 2022 | 162,839.00 | — |
| Balance as at 1 April 2022 | 162,839.00 | — |
| Changes during the year | 0.00 | — |
| Balance as at 31 March 2023 | 162,839.00 | — |
Rejected statements
| Statement | Scope | Columns | Reason | Source |
|---|---|---|---|---|
| PL | CONSOLIDATED | NO_TOTALS | MINDSPACE_06958c51ca22 p88 | |
| CF | CONSOLIDATED | NO_TOTALS | MINDSPACE_06958c51ca22 p90 | |
| NDCF | CONSOLIDATED | NO_TOTALS | MINDSPACE_06958c51ca22 p95 | |
| NDCF | UNSTATED | 2021-06-30 | NO_TOTALS | MINDSPACE_06958c51ca22 p101 |
| NDCF | CONSOLIDATED | NO_TOTALS | MINDSPACE_06958c51ca22 p103 | |
| BS | STANDALONE | NO_TOTAL_ASSETS | MINDSPACE_06958c51ca22 p150 | |
| CF | STANDALONE | 2022-03-31 | NO_TOTALS | MINDSPACE_06958c51ca22 p152 |
| NDCF | CONSOLIDATED | NO_TOTALS | MINDSPACE_de96a732fcda p11 | |
| NDCF | CONSOLIDATED | 2025-06-30 | NO_TOTALS | MINDSPACE_a469df81f71a p5 |
| NDCF | CONSOLIDATED | 2025-06-30, 2025-03-31, 2024-06-30 | NO_TOTALS | MINDSPACE_a469df81f71a p6 |
| NDCF | CONSOLIDATED | 2025-06-30 | NO_TOTALS | MINDSPACE_a469df81f71a p7 |
| NDCF | CONSOLIDATED | 2025-06-30 | NO_TOTALS | MINDSPACE_a469df81f71a p8 |
| NDCF | CONSOLIDATED | 2025-06-30 | NO_TOTALS | MINDSPACE_a469df81f71a p9 |
| NDCF | CONSOLIDATED | 2025-06-30 | NO_TOTALS | MINDSPACE_a469df81f71a p10 |
| NDCF | STANDALONE | 2025-06-30 | NO_TOTALS | MINDSPACE_5c795119ffe9 p4 |
| NDCF | STANDALONE | 2025-06-30, 2025-03-31, 2024-06-30 | NO_TOTALS | MINDSPACE_5c795119ffe9 p5 |
| BS | CONSOLIDATED | 2024-12-31, 2024-03-31 | NO_LIABILITY_TOTAL | MINDSPACE_9534613f576b p4 |
| PL | CONSOLIDATED | 2024-12-31, 2024-09-30, 2023-12-31, 2024-03-31 | NO_TOTALS | MINDSPACE_9534613f576b p6 |
| CF | CONSOLIDATED | 2024-12-31, 2024-09-30 | NO_TOTALS | MINDSPACE_9534613f576b p9 |
| NDCF | CONSOLIDATED | 2024-06-30 | NO_TOTALS | MINDSPACE_9534613f576b p15 |
| NDCF | CONSOLIDATED | 2023-12-31, 2024-03-31 | NO_TOTALS | MINDSPACE_9534613f576b p16 |
| NDCF | CONSOLIDATED | 2023-12-31, 2024-03-31 | NO_TOTALS | MINDSPACE_9534613f576b p17 |
| NDCF | CONSOLIDATED | 2024-12-31 | NO_TOTALS | MINDSPACE_9534613f576b p18 |
| NDCF | CONSOLIDATED | 2024-12-31 | NO_TOTALS | MINDSPACE_9534613f576b p19 |
| NDCF | CONSOLIDATED | 2024-09-30 | NO_TOTALS | MINDSPACE_9534613f576b p20 |
| NDCF | CONSOLIDATED | 2024-09-30 | NO_TOTALS | MINDSPACE_9534613f576b p21 |
| NDCF | CONSOLIDATED | 2023-12-31 | NO_TOTALS | MINDSPACE_9534613f576b p22 |
| NDCF | CONSOLIDATED | 2023-12-31 | NO_TOTALS | MINDSPACE_9534613f576b p23 |
| NDCF | CONSOLIDATED | 2024-12-31 | NO_TOTALS | MINDSPACE_9534613f576b p24 |
| NDCF | CONSOLIDATED | 2024-12-31 | NO_TOTALS | MINDSPACE_9534613f576b p25 |
| NDCF | CONSOLIDATED | 2023-12-31 | NO_TOTALS | MINDSPACE_9534613f576b p26 |
| NDCF | CONSOLIDATED | 2023-12-31 | NO_TOTALS | MINDSPACE_9534613f576b p27 |
| NDCF | CONSOLIDATED | 2024-03-31 | NO_TOTALS | MINDSPACE_9534613f576b p28 |
| NDCF | CONSOLIDATED | 2024-03-31 | NO_TOTALS | MINDSPACE_9534613f576b p29 |
| BS | CONSOLIDATED | 2024-09-30, 2024-03-31 | NO_LIABILITY_TOTAL | MINDSPACE_4f082a816dd3 p4 |
| PL | CONSOLIDATED | 2024-09-30, 2024-06-30, 2023-09-30, 2024-03-31 | NO_TOTALS | MINDSPACE_4f082a816dd3 p6 |
| CF | CONSOLIDATED | 2024-09-30, 2024-06-30, 2023-09-30, 2024-03-31 | NO_TOTALS | MINDSPACE_4f082a816dd3 p9 |
| NDCF | CONSOLIDATED | 2024-06-30 | NO_TOTALS | MINDSPACE_4f082a816dd3 p19 |
| NDCF | CONSOLIDATED | 2023-09-30, 2024-03-31 | NO_TOTALS | MINDSPACE_4f082a816dd3 p20 |
| NDCF | CONSOLIDATED | 2023-09-30, 2024-03-31 | NO_TOTALS | MINDSPACE_4f082a816dd3 p21 |
| NDCF | CONSOLIDATED | 2024-09-30 | NO_TOTALS | MINDSPACE_4f082a816dd3 p22 |
| NDCF | CONSOLIDATED | 2024-09-30 | NO_TOTALS | MINDSPACE_4f082a816dd3 p23 |
| NDCF | CONSOLIDATED | 2024-06-30 | NO_TOTALS | MINDSPACE_4f082a816dd3 p24 |
| NDCF | CONSOLIDATED | 2024-06-30 | NO_TOTALS | MINDSPACE_4f082a816dd3 p25 |
| NDCF | CONSOLIDATED | 2023-09-30 | NO_TOTALS | MINDSPACE_4f082a816dd3 p26 |
| NDCF | CONSOLIDATED | 2023-09-30 | NO_TOTALS | MINDSPACE_4f082a816dd3 p27 |
| NDCF | CONSOLIDATED | 2024-09-30 | NO_TOTALS | MINDSPACE_4f082a816dd3 p28 |
| NDCF | CONSOLIDATED | 2024-09-30 | NO_TOTALS | MINDSPACE_4f082a816dd3 p29 |
| NDCF | CONSOLIDATED | 2024-03-31 | NO_TOTALS | MINDSPACE_4f082a816dd3 p30 |
| NDCF | CONSOLIDATED | 2024-03-31 | NO_TOTALS | MINDSPACE_4f082a816dd3 p31 |
| NDCF | CONSOLIDATED | 2023-09-30 | NO_TOTALS | MINDSPACE_4f082a816dd3 p32 |
| NDCF | CONSOLIDATED | 2023-09-30 | NO_TOTALS | MINDSPACE_4f082a816dd3 p33 |
| NDCF | CONSOLIDATED | 2024-03-31 | NO_TOTALS | MINDSPACE_4f082a816dd3 p34 |
| NDCF | CONSOLIDATED | 2024-03-31 | NO_TOTALS | MINDSPACE_4f082a816dd3 p35 |
| BS | STANDALONE | NO_TOTAL_ASSETS | MINDSPACE_227d027d18df p3 | |
| PL | STANDALONE | TOTAL_DOES_NOT_TIE:pbt!=income-expenses | MINDSPACE_227d027d18df p4 | |
| CF | STANDALONE | TOTAL_DOES_NOT_TIE:opening+flows!=closing | MINDSPACE_227d027d18df p5 | |
| NDCF | UNSTATED | NO_TOTALS | MINDSPACE_227d027d18df p8 | |
| BS | STANDALONE | NO_TOTAL_ASSETS | MINDSPACE_0e98ff937700 p3 | |
| PL | STANDALONE | TOTAL_DOES_NOT_TIE:pbt!=income-expenses | MINDSPACE_0e98ff937700 p4 | |
| CF | STANDALONE | TOTAL_DOES_NOT_TIE:opening+flows!=closing | MINDSPACE_0e98ff937700 p5 | |
| NDCF | UNSTATED | 2023-09-30, 2024-03-31 | NO_TOTALS | MINDSPACE_0e98ff937700 p9 |
| NDCF | STANDALONE | 2025-06-30 | NO_TOTALS | MINDSPACE_2e1d67789b92 p6 |
| NDCF | STANDALONE | 2025-06-30, 2025-03-31, 2024-06-30 | NO_TOTALS | MINDSPACE_2e1d67789b92 p7 |
| NDCF | UNSTATED | 2023-09-30 | NO_TOTALS | MINDSPACE_8a452ba3b6a2 p64 |
| NAV | UNSTATED | NO_TOTALS | MINDSPACE_64d4cfdd7767 p144 | |
| NDCF | UNSTATED | 2025-03-31 | NO_TOTALS | MINDSPACE_a5e3a15c2851 p89 |
| TR | CONSOLIDATED | TOTAL_DOES_NOT_TIE:A+B!=C | MINDSPACE_a5e3a15c2851 p176 | |
| NDCF | UNSTATED | 2025-03-31, 2024-03-31 | NO_TOTALS | MINDSPACE_a5e3a15c2851 p177 |
| BS | CONSOLIDATED | 2025-03-31 | NO_TOTAL_ASSETS | MINDSPACE_a5e3a15c2851 p200 |
| BS | CONSOLIDATED | 2025-03-31, 2024-03-31 | TOTAL_DOES_NOT_TIE:assets!=total equity+total liabilities,assets!=nca+ca | MINDSPACE_a5e3a15c2851 p202 |
| NDCF | STANDALONE | 2025-03-31 | NO_TOTALS | MINDSPACE_a5e3a15c2851 p207 |
| NDCF | STANDALONE | 2024-03-31 | NO_TOTALS | MINDSPACE_a5e3a15c2851 p208 |
| NDCF | STANDALONE | 2024-03-31 | NO_TOTALS | MINDSPACE_a5e3a15c2851 p210 |
| NAV | UNSTATED | NO_TOTALS | MINDSPACE_8f0c5bdb10ac p17 | |
| PL | STANDALONE | 2023-03-31, 2022-03-31 | TOTAL_DOES_NOT_TIE:pbt!=income-expenses | MINDSPACE_c05982783d27 p127 |
| NAV | STANDALONE | 2022-03-31, 2023-03-31 | TOTAL_DOES_NOT_TIE:A-B!=C or NAV/unit | MINDSPACE_c05982783d27 p129 |
| NDCF | UNSTATED | NO_TOTALS | MINDSPACE_c05982783d27 p130 | |
| NAV | UNSTATED | 2023-03-31, 2022-03-31 | TOTAL_DOES_NOT_TIE:A-B!=C or NAV/unit | MINDSPACE_c05982783d27 p155 |
| NDCF | UNSTATED | 2023-03-31 | NO_TOTALS | MINDSPACE_c05982783d27 p157 |
NAV & valuation
| Balance date | NAV/unit book ₹ | NAV/unit fair ₹ | Net assets at fair value (₹ mn) | Source |
|---|---|---|---|---|
| 2023-03-31 | — | 181.00 | 301,174.00 | MINDSPACE_8a452ba3b6a2 p93 |
| 2023-09-30 | 180.00 | 181.00 | 310,710.00 | MINDSPACE_8a452ba3b6a2 p93 |
| 2024-03-31 | — | 3.00 | 323,575.00 | MINDSPACE_e71183581969 p164 |
| 2025-03-31 | — | 384.00 | 397,898.74 | MINDSPACE_af9750b1a3b6 p193 |
Property/project-wise fair values: not extracted in this release; 30 valuation report(s) on disk.
Distributions
| Period end | DPU ₹ | Basis | Record date | Payment date | Total (₹ mn) | Source |
|---|---|---|---|---|---|---|
| 2022-06-30 | 4.74 | STATED | — | — | 2,811.00 | open PDF at page |
| 2022-12-31 | 4.80 | STATED | — | — | 2,846.00 | open PDF at page |
| 2023-09-30 | 4.79 | STATED_NO_PERIOD_IN_SENTENCE | — | — | 2,841.00 | open PDF at page |
| 2024-06-30 | 5.04 | STATED_NO_PERIOD_IN_SENTENCE | — | — | 2,989.00 | open PDF at page |
| 2025-03-31 | 6.44 | STATED | 2025-05-06 | 2025-05-13 | 3,923.14 | open PDF at page |
| 2025-06-30 | 5.79 | STATED | 2025-08-07 | — | 3,527.17 | open PDF at page |
Assets
Project/property tables (concession length, remaining life, availability, MW) are not extracted in this release; 30 valuation reports and 71 decks are on disk under Documents.
Earnings calls
27 usable call document(s); 0 document(s) on file are not transcripts.
| Kind | Filing date | File |
|---|---|---|
| TRANSCRIPT | — | 8234ca68-b145-40b5-bd69-9da5ba6ed6fd.pdf |
| TRANSCRIPT | — | IR_Call-Transcript-1.pdf |
| TRANSCRIPT | — | IR_Call-Transcript-Q4-FY21.pdf |
| TRANSCRIPT | — | IR_Call-Transcript.pdf |
| TRANSCRIPT | — | IR_Intimation-of-Earnings-Call-December- |
| TRANSCRIPT | — | IR_Intimation-of-Earnings-Call-for-quart |
| ANALYST_MEET | — | IR_MINDSPACE-BUSINESS-PARKS-Transcripted |
| TRANSCRIPT | — | IR_Mindspace-Jan24-2025_Q3-FY25_Transcri |
| TRANSCRIPT | — | IR_Mindspace-REIT-Call-Transcript-Q1-FY2 |
| TRANSCRIPT | — | IR_Mindspace-REIT-Call-Transcript-Q2-FY2 |
| TRANSCRIPT | — | IR_Mindspace-REIT-Call-Transcript-Q3-FY2 |
| TRANSCRIPT | — | IR_Mindspace-REIT-Call-Transcript-Q4-FY2 |
| TRANSCRIPT | — | IR_Mindspace-REIT-Earnings-Call-Q4-FY23. |
| TRANSCRIPT | — | IR_Mindspace-REIT-Earnings-Call-Transcri |
| TRANSCRIPT | — | IR_Mindspace-REIT-Q3-FY24-Earnings-Call- |
| TRANSCRIPT | — | IR_Mindspace-REIT_Q1-FY26_Transcript.pdf |
| TRANSCRIPT | — | IR_Mindspace-REIT_Q4-FY25_Transcript.pdf |
| TRANSCRIPT | — | IR_MREIT-Earnings-Calls-Transcript-Q2-FY |
| TRANSCRIPT | — | IR_MREIT-Q1-FY22-Earnings-Call-Transcrip |
| TRANSCRIPT | — | IR_Q2-and-H1-FY-2021-Earnings-Conference |
| TRANSCRIPT | — | IR_Transcript-Mindspace-Business-Parks-R |
| ANALYST_MEET | — | IR_Transcript-of-1st-AM_MREIT.pdf |
| TRANSCRIPT | — | IR_Transcript-Q2-Fy25.pdf |
| TRANSCRIPT | — | IR_Transcript-Q3-FY26-1.pdf |
| TRANSCRIPT | — | IR_Transcript-Q4-FY26.pdf |
| TRANSCRIPT | — | IR_Transcript-Sep-2025.pdf |
| ANALYST_MEET | — | IR_Transcript.pdf |
21 sentences from 1 verified transcript(s) are served (speaker attribution not shown: the segmenter's attribution rate is below 95%).
Debt
Borrowings schedule not extracted in this release; the balance sheet lines above carry total borrowings where a statement was accepted.
Unitholding
18 unitholding filings on disk (not parsed in this release).
Documents
| Class | Kind | Filing date | File | SHA-256 |
|---|---|---|---|---|
| ANNUAL_REPORT | — | 30cfd238-0f3c-4ab4-b6b0-c678eee7407f.pdf | c05982783d272d4a… | |
| ANNUAL_REPORT | — | 32be5009-4900-436a-bcc0-5005a047f697.pdf | c9d4c2394a9006ce… | |
| ANNUAL_REPORT | — | 779a8c1d-c25e-497b-aee0-01e6bcfaeac6.pdf | 1f24f24cb5f5c5bd… | |
| ANNUAL_REPORT | — | 8ff3b1cf-a7d8-4f9c-9748-088dbd99c22a.pdf | 6caf319bc75f8d78… | |
| ANNUAL_REPORT | — | IR_1st-Annual-Meeting-of-Mindspace-REIT. | 12a81b13a26a587f… | |
| ANNUAL_REPORT | — | IR_1st-Annual-Report-2020-21-of-Mindspac | 8b88ee9cdc769b44… | |
| ANNUAL_REPORT | — | IR_Annual-Meeting-Notice.pdf | 73589fec57757435… | |
| ANNUAL_REPORT | — | IR_Annual-Secretarial-Compliance-Report- | 13f4411e1f67d20c… | |
| ANNUAL_REPORT | — | IR_Annual-Secretarial-Compliance-Report- | 315a96e9308ae9e1… | |
| ANNUAL_REPORT | — | IR_Annual-Secretarial-Compliance-Report. | 44540ba76e26f07c… | |
| ANNUAL_REPORT | — | IR_Environment-Social-and-Governance-ESG | f969b036dc530eb3… | |
| ANNUAL_REPORT | — | IR_Environment-Social-and-Governance-ESG | 7be583639a28096c… | |
| ANNUAL_REPORT | — | IR_Intimation-of-Annual-Meeting-Voting-R | 25a96c3dc722969a… | |
| ANNUAL_REPORT | — | IR_Intimation-of-Annual-Report-for-the-y | 1ceabb194e8139d2… | |
| ANNUAL_REPORT | — | IR_Intimation-of-Summary-Proceedings-of- | c1b5e840f128490f… | |
| ANNUAL_REPORT | — | IR_Intimation-of-voting-results-of-the-T | c28f67373c6098ac… | |
| ANNUAL_REPORT | — | IR_Mindspace-Business-Parks-REIT-Annual- | e711835819695187… | |
| ANNUAL_REPORT | — | IR_Mindspace-Business-Parks-REIT-Annual- | af9750b1a3b62074… | |
| ANNUAL_REPORT | — | IR_Mindspace-Business-Parks-REIT-Annual- | eff3ce6e692c9c77… | |
| ANNUAL_REPORT | — | IR_Mindspace-REIT-Annual-Report-FY22.pdf | 4507b22d72ef9127… | |
| ANNUAL_REPORT | — | IR_Mindspace-REIT-Annual-Report-FY23.pdf | cfae945305ae4d34… | |
| ANNUAL_REPORT | — | IR_MINDSPACE_30062026203151_AnnualReport | 8244b13d9b930f0f… | |
| ANNUAL_REPORT | — | IR_Paritcipation-in-Avendus-Spark-Annual | c77fda69c266b2b2… | |
| ANNUAL_REPORT | — | IR_Participation-in-Motilal-Oswal-Annual | 6e374a9129b342f3… | |
| ANNUAL_REPORT | — | IR_Press-Release-on-Mindspace-Business-P | 5f3abf882f82f23c… | |
| ANNUAL_REPORT | — | IR_Reporting-of-Annual-Disclosure-to-be- | 0b961ce26d0d9f57… | |
| ANNUAL_REPORT | — | IR_Summary-of-proceedings-of-the-5th-Ann | 1f411c7ce6cf1e14… | |
| ANNUAL_REPORT | — | IR_Summary-of-proceedings-of-the-Second- | ad2c83f69be4b882… | |
| ANNUAL_REPORT | — | IR_Summary-of-proceedings-of-the-Third-A | 45a1d763ab6ce657… | |
| ANNUAL_REPORT | — | IR_Voting-results-of-the-5th-Annual-Meet | 3d4f7a2700cafed0… | |
| ANNUAL_REPORT | — | IR_Voting-results-of-the-First-Annual-Me | 71c38e32571b20a4… | |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | 8234ca68-b145-40b5-bd69-9da5ba6ed6fd.pdf | c0aa1f37b9efe3d1… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Call-Transcript-1.pdf | 37275057bd37bbe9… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Call-Transcript-Q4-FY21.pdf | 95662a0ffc7f469d… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Call-Transcript.pdf | 8bb44f1a404ffd7d… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Intimation-of-Earnings-Call-December- | cbb7fb14bb521273… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Intimation-of-Earnings-Call-for-quart | f5880f6a18ea814e… |
| CONCALL_TRANSCRIPT | ANALYST_MEET | — | IR_MINDSPACE-BUSINESS-PARKS-Transcripted | c29925a0658e7dde… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Mindspace-Jan24-2025_Q3-FY25_Transcri | 0cbb8931040cba6e… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Mindspace-REIT-Call-Transcript-Q1-FY2 | 011ccf27be173d1c… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Mindspace-REIT-Call-Transcript-Q2-FY2 | 654170a27ab9fc02… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Mindspace-REIT-Call-Transcript-Q3-FY2 | 3c4b99a6f550a1c0… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Mindspace-REIT-Call-Transcript-Q4-FY2 | a9754aba70930987… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Mindspace-REIT-Earnings-Call-Q4-FY23. | 0a1ef7b416d29022… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Mindspace-REIT-Earnings-Call-Transcri | 2bc5154b071852be… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Mindspace-REIT-Q3-FY24-Earnings-Call- | 4f12ef71092d0742… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Mindspace-REIT_Q1-FY26_Transcript.pdf | e1546cb635d6b2ba… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Mindspace-REIT_Q4-FY25_Transcript.pdf | 43408027b564d244… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_MREIT-Earnings-Calls-Transcript-Q2-FY | b2b608f5ad34e99a… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_MREIT-Q1-FY22-Earnings-Call-Transcrip | b1222e6b8ed242a3… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Q2-and-H1-FY-2021-Earnings-Conference | bc7cbbabd74d1828… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Transcript-Mindspace-Business-Parks-R | a5b0a4e0ce898574… |
| CONCALL_TRANSCRIPT | ANALYST_MEET | — | IR_Transcript-of-1st-AM_MREIT.pdf | b6f2ff6ce01fd755… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Transcript-Q2-Fy25.pdf | fda9f269735c67aa… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Transcript-Q3-FY26-1.pdf | d52f5ee3714cf2a0… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Transcript-Q4-FY26.pdf | 4439480a48d22c77… |
| CONCALL_TRANSCRIPT | TRANSCRIPT | — | IR_Transcript-Sep-2025.pdf | ddb207bc1d00e83d… |
| CONCALL_TRANSCRIPT | ANALYST_MEET | — | IR_Transcript.pdf | 60461e5ed30475c4… |
| DISTRIBUTION_NDCF | — | 06dfa411-818a-40f3-a4ce-581673f220e6.pdf | 63d397bd6a9e6065… | |
| DISTRIBUTION_NDCF | — | 20f76e43-25f4-47fc-95c8-51b292c48812.pdf | cd5aa9622755d817… | |
| DISTRIBUTION_NDCF | — | 41b53873-f0ea-42d4-898a-87e2c655b63d.pdf | 6ecd2330a6a2b481… | |
| DISTRIBUTION_NDCF | — | 453a92d7-b005-4464-9b7c-51f236507d8e.pdf | 62ee6e7df0ca80e2… | |
| DISTRIBUTION_NDCF | — | 4645181c-745e-45ac-a7f4-315f0bae290b.pdf | 06d0b49b3df0dae2… | |
| DISTRIBUTION_NDCF | — | 5ed385cc-eb98-4380-bfec-374a4068ee7a.pdf | 033ac05bea60387c… | |
| DISTRIBUTION_NDCF | — | 647893e6-641c-4a1f-9b51-6a366ffd3464.pdf | 6d94177c90f85e54… | |
| DISTRIBUTION_NDCF | — | 6f4761e5-edf3-4f77-9f0e-0d5ecf6e9ed3.pdf | 89a254c876d2584e… | |
| DISTRIBUTION_NDCF | — | 6f5f7947-2a35-4a82-a58e-5fb16ac9abe2.pdf | d6f281725ae51812… | |
| DISTRIBUTION_NDCF | — | 89e49433-b074-4c23-b858-a99e95f69688.pdf | eb4c4759c47a0562… | |
| DISTRIBUTION_NDCF | — | aff27470-8e79-470f-bf02-80202bf5fd06.pdf | fef95969a6c89839… | |
| DISTRIBUTION_NDCF | — | c208766d-d5b2-4d84-b15b-bdba3c344574.pdf | aa35eab803630bb5… | |
| DISTRIBUTION_NDCF | — | d9daa073-3080-4825-835c-534585cebed3.pdf | 49a5035fe0758be6… | |
| DISTRIBUTION_NDCF | — | ea275f2c-de83-4637-84bd-d46f0bd95742.pdf | bea6d7bf84ebbd47… | |
| DISTRIBUTION_NDCF | — | f4e342f1-cb06-4504-b8fd-2770c6508b11.pdf | 15c026cea3bd82f0… | |
| DRHP_OFFER_DOC | 2020-09-29 | 014c3966-e7ab-4044-85ae-3584674c2c94.pdf | 94949231c664d369… | |
| DRHP_OFFER_DOC | 2020-10-21 | c9dc8889-a4e4-4d38-a68c-66ea1e3c2d42.pdf | c8bfc7c4e39084d1… | |
| DRHP_OFFER_DOC | 2021-01-19 | d1f064d0-8c37-4b6a-a10d-eaeeee0fddb3.pdf | ea118bc581203d9a… | |
| DRHP_OFFER_DOC | 2022-02-01 | 48c61829-8643-4890-995c-b0f860ea0e70.pdf | 43f5817eaeb5bb69… | |
| FINANCIAL_RESULTS | — | 06f43e77-08e1-4750-b2f0-32dddc692e0b.pdf | 6ac992907cccb563… | |
| FINANCIAL_RESULTS | — | 0eedf589-ff1e-4ebf-b40c-5c335fae7b33.pdf | cdb2628c8b6f4ece… | |
| FINANCIAL_RESULTS | — | 1604bdf0-7ef3-43ba-8dca-b96c0b8b803e.pdf | 4bd42484dc2d48cb… | |
| FINANCIAL_RESULTS | — | 1c7f7564-2a90-4fe8-b028-592b68d36076.pdf | f1cf945af10db18a… | |
| FINANCIAL_RESULTS | — | 1e762a13-2902-4750-86f7-b8894fead717.pdf | 40be199ba4d8dfd9… | |
| FINANCIAL_RESULTS | — | 35eb733d-22d7-4dfb-b840-d2afbc2f3eb1.pdf | 06958c51ca221b50… | |
| FINANCIAL_RESULTS | — | 45265fbf-60b4-4f14-a9b2-360e2e50c391.pdf | e178818d28cc2a9d… | |
| FINANCIAL_RESULTS | — | 4d361bf2-390a-4873-a6f5-17ff51933986.pdf | fc9a162764c4c9d7… | |
| FINANCIAL_RESULTS | — | 6303da1f-6099-409f-9130-f0f6ef830f47.pdf | e465a8260b8b0693… | |
| FINANCIAL_RESULTS | — | 7275514c-d1b9-4462-b067-bfd2d2576021.pdf | 9681c98fcc053e07… | |
| FINANCIAL_RESULTS | — | 7a96d24c-4734-4125-a574-c69744f5b377.pdf | 75cd6374d47f1708… | |
| FINANCIAL_RESULTS | — | 89d07c07-f214-4ae6-a17e-7afb4b3d3ddf.pdf | 3a2912ebad028d16… | |
| FINANCIAL_RESULTS | — | 8e5a5cd7-d01a-44ff-822f-cfe4b0d03c0b.pdf | 82ba78250138f577… | |
| FINANCIAL_RESULTS | — | a3359b55-05c0-4e76-a9e7-e2aa4d358d39.pdf | cf817dcfc6712e8b… | |
| FINANCIAL_RESULTS | — | a38fef33-39c7-49e2-9a7c-dbb83989c60e.pdf | 54488306a6bac085… | |
| FINANCIAL_RESULTS | — | b028444c-037f-4dee-ba06-75de3ca40de5.pdf | 998660455ac87e80… | |
| FINANCIAL_RESULTS | — | ba360014-b63a-4622-8b8c-2f41db575b66.pdf | 8a452ba3b6a2ee04… | |
| FINANCIAL_RESULTS | — | bb37d3dc-b309-4f42-a731-aaa5186ea9df.pdf | 64d4cfdd7767299c… | |
| FINANCIAL_RESULTS | — | bdc7eea5-02d2-4073-bd22-1ccd6851b6cf.pdf | 85b63eea79fc2170… | |
| FINANCIAL_RESULTS | — | c51c0ae2-c900-4477-81f5-6b2ca2cff020.pdf | 6651068e445a69f7… | |
| FINANCIAL_RESULTS | — | cdbc3fc1-e92d-4b3a-acac-17c1b23be677.pdf | 9ffe8d755e85abed… | |
| FINANCIAL_RESULTS | — | d964f6d4-a528-4c36-8607-f8e27f54e4cc.pdf | 68645fcebc0751fd… | |
| FINANCIAL_RESULTS | — | dc8fa95c-99e7-4a2f-a89b-ada9ca632612.pdf | dd6ba63c35a55f6a… | |
| FINANCIAL_RESULTS | — | e6c430ca-156a-4c8f-baf6-aac1eeced93e.pdf | a5e3a15c28513efb… | |
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| VALUATION_REPORT | — | IR_KVPL_MREIT_Valuation_20230930_Compres | 3ce671c20632d6d2… | |
| VALUATION_REPORT | — | IR_MREIT_Summary-Valuation-Report_FY24.p | 07a720b24a1fc04a… | |
| VALUATION_REPORT | — | IR_MREIT_Valuation-Report_FY21.pdf | 288d059425c47613… | |
| VALUATION_REPORT | — | IR_MREIT_Valuation-Report_FY22.pdf | 7472a1138624f8e1… | |
| VALUATION_REPORT | — | IR_MREIT_Valuation-Report_FY24.pdf | 116c78b4b5b65b88… | |
| VALUATION_REPORT | — | IR_MREIT_Valuation-Report_HY2021.pdf | 00cd79da1d0f3d53… | |
| VALUATION_REPORT | — | IR_MREIT_Valuation-Report_HY2022.pdf | 29743d2226828bb3… | |
| VALUATION_REPORT | — | IR_MREIT_Valuation-Report_HYFY23.pdf | 7595a3abb25e94b4… | |
| VALUATION_REPORT | — | IR_Summary-Valuation-Final-Report-Mindsp | fa970dd7b33a197e… | |
| VALUATION_REPORT | — | IR_Summary-Valuation-Report-31-Mar-23.pd | fceffbb58db455e7… | |
| VALUATION_REPORT | — | IR_Summary-Valuation-Report-Mindspace-Si | 328b8d4fd86526f1… | |
| VALUATION_REPORT | — | IR_Summary-Valuation-Report-q4FY26.pdf | 2f5ef73bc5c54b65… | |
| VALUATION_REPORT | — | IR_Summary-Valuation-Report-Sep-25.pdf | 68d5e8644842b4ba… | |
| VALUATION_REPORT | — | IR_Summary-Valuation-Report.pdf | 5c20d6f61e36365b… | |
| VALUATION_REPORT | — | IR_Valuation-Report-q4FY26.pdf | 0dec705495fa2a75… | |
| VALUATION_REPORT | — | IR_Valuation-Report.pdf | 17911a9ec4daef3e… | |
| VALUATION_REPORT | 2020-09-14 | b9f6eda6-38e6-4ded-8ec3-5ac603696f14.pdf | 445305df14caf331… | |
| VALUATION_REPORT | 2023-05-04 | 74c04e98-e575-455d-b718-2320fadf1c75.pdf | a6562f31d5dae6d3… | |
| VALUATION_REPORT | 2023-10-30 | fd5235ab-706a-4e87-86a4-665cfd88106d.pdf | 230e255bfe9995a1… | |
| VALUATION_REPORT | 2024-04-30 | 3db15754-a80b-4f6f-af2c-eb9996e22d8f.pdf | 766a805e10a38b75… | |
| VALUATION_REPORT | 2025-04-30 | 1b440e77-7e90-4515-be96-794ff06835e6.pdf | eda4b8dfb10f33f9… | |
| VALUATION_REPORT | 2025-11-05 | d9ac2f0c-ca95-4631-b0d4-3b8a17baca32.pdf | 30c3e4441e7ee1af… | |
| VALUATION_REPORT | 2026-04-29 | 4fbde9c6-3b63-4780-9361-e4806553b152.pdf | c7f1d7857954b2d9… |