New Delhi, Apr 23: Mindspace Business Parks REIT owner of quality Grade A office portfolio located in 4 key office markets of India, has partnered with Global Network for Zero (GNFZ) to transition its entire ~39 million sq. ft. portfolio1 to a net-zero certification pathway. This marks one of the largest portfolio-level decarbonisation efforts in India’s commercial real estate sector.
GNFZ is an internationally recognised authority on net-zero certification, distinguished by its rigorous, data-driven standards. Partnering with GNFZ reinforces Mindspace REIT’s sustainability strategy by anchoring its net-zero journey in globally recognised climate benchmarks and verifiable emission pathways.
The partnership moves Mindspace REIT from building-level certifications to a unified, portfolio-wide net-zero certification. This is aligned with global benchmarks, enabling a structured shift to low-carbon operations through data-driven decarbonisation, renewable energy adoption, and stronger tenant collaboration.
As part of this engagement, Mindspace REIT and GNFZ will develop a comprehensive decarbonisation roadmap covering:
· Scope 1 emissions (direct emissions from owned or controlled sources)
· Scope 2 emissions (indirect emissions from purchased energy)
· Scope 3 emissions (emissions across the value chain, including tenants and suppliers)
This will enable centralised energy tracking, accelerate renewable integration, and drive coordinated action across assets and occupiers.
Commenting on the achievement, Ramesh Nair, CEO and MD, K Raheja Corp Investment Managers Private Limited, said,
“Sustainability, for us, has always been about action, not announcements. When we set our net-zero target for 2042, we committed to backing it with real, measurable steps across every asset we own. This partnership with GNFZ does exactly that – it puts our entire portfolio on a clear, accountable path to net zero. Our tenants, investors, and partners deserve to see not just where we are headed, but how we plan to get there. We have always believed in walking the talk, and this is another step in that direction.”
Mahesh Ramanujam, President & CEO, GNFZ, added:
“India has an opportunity to lead the next chapter of global real estate decarbonisation, and this collaboration with Mindspace REIT sets a powerful precedent for the market. By committing an entire high-quality portfolio to a structured net-zero pathway, the REIT is not only raising the bar within India but also demonstrating global leadership in how real estate owners can scale climate action. This initiative reflects the direction the industry must take, moving beyond individual assets to portfolio-wide transformation, and positions Mindspace REIT among the most forward-looking real estate platforms globally.”
Mindspace REIT has consistently demonstrated strong ESG performance alongside stable operational metrics. As of FY2025, it has reduced Scope 1 and Scope 2 emissions by 32.2% and increased renewable energy usage to 40.2%. The REIT has also maintained a 5-star GRESB rating for three consecutive years. It is targeting net-zero emissions by 2042 and has joined RE100, committing to 100% renewable electricity by 2050.
