RMZ, one of the largest family-owned alternative asset owners, aims to build a diverse portfolio across sectors such as hospitality, healthcare, data centres, warehousing, and residential real estate, while also exploring opportunities in the renewable energy sector.

The company plans to bring in partners and investors to support its growth across various businesses. RMZ will co-invest alongside these investors, according to Sidharth Menda, a member of the supervisory board at RMZ and son of chairman Raj Menda. “We help establish each of these businesses and eventually bring in a CEO to manage them,” he explained. RMZ is also exploring new investment opportunities with existing partners, including Canada’s CPPIB and Japan’s Mitsui Fudosan. “Investors will not only contribute to the office sector but also other areas. We also have partners who will invest across the board,” he added.

In 2020, RMZ sold 12.8 million square feet of commercial properties, including the co-working company Cowrks, to Brookfield Asset Management for $2 billion. Menda said that they plan to raise capital both at the project-specific level and for the group as a whole.

RMZ is investing in multiple hotels across six cities, alongside investors and partners. The portfolio will feature over 2,000 keys in the 5-star deluxe category. The company will begin with Pune and expand to Bangalore, Chennai, Delhi NCR, and eventually Mumbai.

The philosophy behind bringing in strategic partners is to achieve synergies and de-risk the process,” said Mihir Menda, son of Manoj Menda, also a member of the supervisory board.

In healthcare, they have the intent to build about 2,500 hospital beds across 4 cities, including Bangalore, Mumbai, Pune and Chennai, Sidharth said.

In addition to investing in commercial office properties across six cities in India, RMZ is also venturing into the residential sector, starting in Mumbai under the brand RMZ Living. “We will be starting with two key projects in Mumbai and adding multiple projects,” he said

They will sell at Rs 70,000 per square foot and above in the premium segment and in the ultra-luxury segment it is around 125,000, per square foot, Mihir said. The markets include the suburbs and the island city in places like Worli, Lower Parel, South Mumbai. Our focus is these micro markets and over the next 4 to 5 years, there is sales potential in excess of about Rs 80,000 crore,” Mihir said.

“If you recall, inventory overhang was nearly 10 years in Mumbai. Today this is under 18 to 22 months. This is a far more conducive demand-supply gap that we’re able to leverage,” he said.

RMZ Real Estate Partners, which includes RMZ Office, RMZ NXT, and mixed-use developments, aims to achieve a net operating income (NOI) of $1 billion by 2030. Meanwhile, RMZ Living Partners, covering RMZ Living, is projected to generate $2.5 billion in revenue by 2027.

Recently, through its arm, RMZ Digital Infrastructure Partners (RDIP), RMZ formed a joint venture with Colt Data Centre Services (Colt DCS), a global hyperscale data centre operator, to invest $1.7 billion in the Indian data centre market. The joint venture will initially focus on accelerating development at existing sites in Navi Mumbai and Ambattur, Chennai, with plans to add a third site later.

“We are building about 250 megawatts that will eventually scale to one gigawatt. We’re starting in two sites, in one site in Mumbai, one site in Chennai that will get us through about 250 megawatts,” he said. It plans scale be among the top three players in the segment by 2030.

A warehousing project has been started in Bengaluru and more will be taken up in other cities, he said.