Real estate developer RMZ Corp has announced a strategic partnership with Hyderabad-based business house, My HomeGroup to develop premium commercial office spaces in the city with an investment of over USD one billion. Spread across 10 million Sft, the office space project would be jointly developed and managed by RMZ Corp. and My Home Group, a joint statement said.
The first phase of this project covering 3.5 million sq. ft is already underway here. This commercial property is expected to be delivered by December 2018, it said. Manoj Menda, Corporate Chairman, RMZ Corp said, “We are pleased to enhance our portfolio in Hyderabad through this 50:50 joint venture with My Home Group, as this is a strategic business accelerator and demonstrates the fundamentals of our assets.” “This project is a location of choice for many multinational companies and is earmarked for technology, research and development and high value added knowledge intensive companies,” Menda added.
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Rameswar Rao, Chairman My Home Group, said, “The joint venture with RMZ will accelerate and drive rapid commercial development in Hyderabad. We are positive about the future and look forward to more such strategic partnerships.”
The Managing Director, Investment, Arshdeep Sethi said that the joint venture will provide accretive opportunities and further help in diversifying our portfolio and enlarge our tenant base. Through this partnership, we intent to provide Grade-A office space, which will facilitate both international and national companies to plan their next set-up in the lucrative market of Hyderabad.” The Bengaluru-headquartered RMZ Corp, as a major real estate developer, holds a portfolio of over 20 million sqft under ownership and $4 billion of assets under management. Among marquee investors, the Qatar Investment Authority has helped fuel RMZ’s growth.