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Our Bureau

Bangalore April 3 Real estate developer RMZ Corp and AIG Global Real Estate have entered into an equal joint venture to develop commercial/office space and to evaluate hospitality development projects throughout the country.

RMZ Corp is currently present in Bangalore, Hyderabad, Chennai, Kolkata and Pune. It plans to expand operations to Mysore, Mangalore, Coimbatore, Kochi and Nagpur.

The company, which has developed over 10 million sq ft in five years, plans to set up three joint ventures - one each for retail, residential, and hospitality and office spaces.

Development planning is currently under way for hospitality and office projects in these cities, said Ms Sonali Lalvani, Head (Marketing).

Two projects are currently under the joint venture: the first one is Ecospace, in Rajarhat (West Bengal), which includes eight towers with 2.06 million sq ft of built-up area in 20 acres.

Besides office space, the project will have amenities such as gym, food courts, speciality restaurants and incubation centres. "The project has also applied for the LEED Green Building rating for core and shell," she said.

The second project would be on an 11-acre plot in Chennai, for which the company recently bid Rs 298.10 crore — 1.5 million sq ft of office space would be developed. This project is to be named Infinity, Chennai.

The joint venture will engage leading international hotel chain operators to manage its hotel properties.

"We are looking at appropriate hospitality partners for the management of these projects; they will be announced shortly. We intend to develop business hotels under this partnership," Ms Lalvani said.

AIG Global Real Estate, part of American International Group Inc, is a group of international real estate companies that actively invests in and manages real estate for clients and AIG member companies in over 50 countries.

More Stories on : Alliances & Joint Ventures | Strategy | Real Estate & Construction

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