Real estate developer RMZ Corp has entered into a strategic partnership with the Hyderabad-based My Home Group to develop premium commercial office space in the city with an investment of over $1 billion.

The proposed office space project spread across 10 million sq ft will be jointly developed and managed by RMZ Corp and My Home Group.

Located close to Hitech City, the IT hub of Hyderabad, the first phase of the commercial project named the Skyview, spread over 3.5 million sqft, is expected to be delivered by December 2018.

Manoj Menda, Corporate Chairman, RMZ Corp in a statement said, “The 50:50 joint venture with My Home Group is a strategic business accelerator and demonstrates the fundamentals of our assets.”

Jupally Rameswar Rao, Chairman, My Home Group said, “With the increased focus on technology adoption and business expansion in Telangana, Hyderabad with its latest tag of 'The best Indian city to live in' opens up opportunities in office space development.”

“By partnering one of the largest commercial real estate developers in the country, the venture will accelerate and drive rapid commercial development in Hyderabad,” Rao said.

Arshdeep Sethi, Managing Director, Investment, RMZ Corp said “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.

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