Mindspace Airoli East Receives IGBC Green Landscape Gold Rating

What happened

Mindspace Business Parks REIT announced on 1 October 2026 that Mindspace Airoli East, a business park in Airoli East, Navi Mumbai, had received the Green Landscape Gold Rating from the Indian Green Building Council (IGBC). K Raheja Corp, which sponsors the REIT, published its own report on the news on 5 October 2026.

The REIT said the rating makes it the first REIT in India to receive this distinction.

What the rating assesses

According to the announcement, the IGBC Green Landscape rating evaluates the design, management and ecological performance of landscaped areas. It covers flora and fauna, resource efficiency and sustainability practices in those areas. It is separate from the IGBC and LEED building certifications that Mindspace REIT uses for its office buildings.

Campus initiatives reported

• Native and adaptive green cover of more than 60% of the campus.
• More than 30% vegetation that supports local birds and insects.
• Smart landscape lighting, which the REIT says delivers up to 77% energy savings.
• Composting of 100% of landscape waste onsite.
• A native plant nursery, stingless honeybee colonies and a butterfly garden.
• A plant bio-sonification installation. The REIT had earlier reported a bio-sonification zone at its Airoli campus in August 2023, featuring sounds from 15 plant species.
• Spaces for walking, sports, yoga and meditation.
• A pilot smart-water-metering programme using IoT-enabled ultrasonic and clamp-on meters to monitor consumption in real time and flag leaks.

Statements from the REIT and IGBC

Ramesh Nair, managing director and CEO of Mindspace REIT, said the rating reflected sustainability built into the campus's design and operations. He said the REIT would strengthen this approach across its portfolio.

S. Karthikeyan, executive director of IGBC, GreenPro and CIES, said the rating recognised biodiversity and responsible landscape management. He expressed hope that it would encourage wider adoption of nature-positive practices.

About the REIT and its portfolio

Mindspace Business Parks REIT is sponsored by the K Raheja Corp group and was listed on Indian stock exchanges in August 2020. According to the October 2026 press release, its portfolio spans the Mumbai Region, Pune, Hyderabad and Chennai. It comprises seven integrated business parks and nine independent office assets, with more than 312 tenants.

The REIT said most buildings in its portfolio hold IGBC or LEED Gold or Platinum green-building certification.

What it changes for occupiers, investors and buyers

The announcement does not include any quantified effect on property prices, leasing activity, rents or home buyers. Mindspace REIT said the rating recognises campus sustainability beyond building-focused certification, including biodiversity, well-being and workplace experience. Nair said the approach is meant to deliver value to occupiers and investors.

For office occupiers and REIT unitholders, the rating is a documented third-party assessment of landscape performance at one campus. For home buyers, it has no direct bearing, because Mindspace Airoli East is a commercial business park and the announcement concerns no residential project.

What comes next

Mindspace REIT said it plans to extend similar landscape and biodiversity practices to other campuses in its portfolio. It also said it will continue its LEED and IGBC building-certification programme. No dates or specific campuses for these extensions were announced.

Background from the REIT's newsroom

• On 2 September 2023, K Raheja Corp's newsroom reported that Mindspace REIT acquired a 2.4-lakh-sq-ft commercial asset at Commerzone Porur, Chennai, for nearly ₹182 crore.
• On 31 August 2023, the newsroom reported the bio-sonification zone at the Airoli campus.
• On 10 December 2019, K Raheja Corp reported that Mindspace Airoli East, Mindspace Madhapur in Hyderabad and Commerzone Yerwada in Pune received British Safety Council Swords of Honour.