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RMZ Corp is in a rapid expansion mode of its commercial property development across several major cities, seeking to increase the developed footprint from 21 million sq ft to 60 million sq ft by 2020.
The Bengaluru-based company, which is implementing a mega 3.7 million sq ft of SEZ and non-SEZ commercial space in the IT hub of Hyderabad, in partnership with My Home Group, expects to complete phase one by December 2018 and two by March 2018.
Looking for properties Thirumal Govindraj, Managing Director of RMZ Corp., told BusinessLine, “We are on the lookout for properties in several major cities and open to buying them out or partnering with them for development of commercial properties. In the past too, we have had some acquisitions, with the recent ones in Mumbai and Delhi NCR region.”
The Hyderabad project, which will see a total investment of about $1 billion for 10 million sq ft will see the development of 3.5-3.7 million sq ft in the first phase where there will be SEZ and Non-SEZ space for IT/ITES and BFSI companies. “We are in talks with some of the potential customers. This being a Grade A project, we do not see any difficulty in finalising companies,” he said.
Bengaluru and Hyderabad are two of the fastest growing commercial property centres in the country with annual absorption of 11 million sq ft and 5.5-6 million sq ft respectively as against Mumbai 3-3.5 million sq ft and Delhi 4.5 million sq ft.
Project funding “The Qatar Investment is a major investor in the company having invested about ₹1,200 crore. All our projects are funded with debt and equity. We own, operate and manage about 21 million sq ft of assets estimated to be worth $5 billion. We continue to look out for good properties for buyout as we did so with two projects in Delhi and Mumbai respectively,” he said.
Nearly 20 million sq ft of properties are under development with the company, which includes about 10 million sq ft with My Home in Hyderabad, 2 million sq ft in Chennai, 4 million sq ft each in Bengaluru and Delhi NCR.
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