Mumbai’s portfolio occupancy improved to 95 per cent, up 300 basis points quarter-on-quarter

Knowledge Realty Trust (KRT), India’s largest REIT by market capitalisation, on Tuesday reported a 13 per cent year-on-year rise in revenue to ₹1,272.5 crore for the second quarter of FY27, while net operating income climbed 15 per cent to . ₹1,140.4 crore. The NOI margin widened to 90 per cent, up from 88 per cent in the same quarter last year.

The Mumbai-headquartered office REIT declared a record quarterly distribution of ₹764 crore , translating to a distribution per unit of ₹1.72 — an 11 per cent increase year-on-year and the highest since listing. The trust said 82 per cent of the payout is tax-efficient for unitholders. DPU has grown sequentially every quarter since the trust’s listing.

On the leasing front, KRT achieved gross leasing of 8 lakh square feet in Q2 FY27, including 2 lakh square feet of pre-leasing, taking H1 FY27 cumulative leasing to 22 lakh square feet. The average leasing spread for the quarter stood at 24 per cent, while in-place rents rose 7 per cent year-on-year to ₹101 per square foot per month. Existing tenants accounted for 54 per cent of leasing activity during the quarter, reflecting high occupier retention. Committed occupancy stood at 93 per cent on an area basis and 94 per cent on a value basis.

Mumbai Portfolio

Mumbai’s portfolio occupancy improved to 95 per cent, up 300 basis points quarter-on-quarter, driven by front office demand. KRT also reported proactive lease repricing in Hyderabad, with roughly 0.6 million square feet re-priced since listing at a 41 per cent spread.

As of September 30, 2026, KRT’s gross asset value stood at ₹68,863 crores , with a net asset value of ₹127 per unit, up 7 per cent year-on-year. The trust’s portfolio spans 29 Grade-A office assets across six Indian cities, totalling 4.65 crore square feet. KRT is co-sponsored by Sattva Developers and Blackstone.

Published on November 3, 2026