The Hindu Business Line : RMZ plans to build IT, commercial space at Guindy

Chennai March 8 RMZ Corporation, the Bangalore-based real estate developer, plans to build 1.6 million sq.ft. of IT and commercial space at Guindy, on the southern outskirts of Chennai.

Mr Raj Menda, Managing Director, RMZ, said that the company has acquired 11.02 acres of the land belonging to HTL for a total of Rs 328 crore (including stamp duty) through an e-auction on Wednesday.

The international real estate consultants, Jones Lang LaSalle, the exclusive marketers for the property managed the e-auction.

Mr Menda said that RMZ considers Chennai, and Tamil Nadu, a major growth area for developed commercial space. The company specialises in developed space for IT and businesses. The company soon expects to announce its plans for Coimbatore.

RMZ plans to start work on 1.6 million sq.ft. IT and commercial space at the Guindy property.

When? "As soon as possible," once the paper work is done, and clearances are obtained. In Chennai that takes about 9-11 months for projects of this kind, and 18 months later the facility would be ready, Mr Menda said.

RMZ is now working on 1.2 million sq.ft. project in the city, which is nearing completion.

On what the company sees in Guindy for the investment - Mr Juggy Marwaha, Vice-President (Sales), RMZ, said that Guindy is well connected to various parts of the city. For IT and business space developers a location that offers ease of access and brings down cost of commute has natural advantages. Guindy is such a `city centric' location and makes it a big draw..

RMZ has completed over 8 million sq.ft. of developed space across major cities including Chennai, Hyderabad, Bangalore and has now started work on a 2 million sq.ft. business park in Kolkata.

In Tamil Nadu it is scouting for land in Coimbatore, he said. It may be recalled that RMZ, which has till now been an IT and commercial space developer had announced plans for entering the retail, hospitality and residential segments.

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