Mindspace REIT plans 7–8 million square feet of office space expansion; Uttar Pradesh needs mid-sized business parks
24 October 2025
Mindspace Business Parks REIT, a significant name in India's commercial real estate sector, has announced plans to develop around 7–8 million square feet of new Grade-A office space over the next four years. The company's focus in this expansion is primarily on markets like Bengaluru and NCR, where the demand for mid-size business parks is growing rapidly.The company's plan has been made in view of the growing needs of India's emerging corporate sector and Global Capability Centers (GCCs). For high-quality office space, large companies are now preferring to invest in parks that offer convenient spaces, convenience of transportation, and modern infrastructure.
At the same time, from the point of view of Uttar Pradesh, areas like Noida and Greater Noida have not yet been able to use their full potential in this category. The region may be a natural choice for IT and corporate firms, but the lack of mid-size business parks is limiting growth. At present, most of the development in Noida is focused towards the residential or retail sector, while new office-based development projects are less visible.Real estate experts are of the view that if Uttar Pradesh wants to meet its "trillion-dollar economy" target, it will have to insist on creating office space on a large scale in the IT and services sectors. The development of business parks can not only increase employment, but also the quality of revenue and urbanization.According to experts, if the Noida Authority and the state government make the land allocation and partnership policies in this segment flexible, then new office parks and corporate campuses can develop rapidly. Like Bengaluru and Hyderabad, the time has come to rebrand Noida as a "business city".At a time when companies like Mindspace REIT are preparing for expansion across the country, this is an opportunity for Uttar Pradesh to become a new hub in the field of office-based investment, where there is a balanced development of industry, city plans and employment.