Mindspace Business Parks REIT, one of India’s premier commercial real estate investment trusts, faced a critical challenge in 2023: managing rising interest rates while pursuing sustainable growth. With a portfolio valued at INR 298 billion and a commitment to green development, Mindspace pioneered India’s first green bond issuance at the REIT level. This case explores the evolution of REITs in India, comparing their regulation, management and cashflow dynamics with those of their US counterparts. While US REITs benefit from flexible internal management and fewer restrictions on foreign investments, Indian REITs are tightly regulated, requiring external managers and a greater reliance on rental income. Through the perspective of chief executive officer (CEO) Ramesh Nair, this case examines how Indian REITs such as Mindspace navigate regulatory constraints, debt management and sustainable financial practices, offering insights into India’s evolving REIT landscape.