RMZ and My Home JV is eyeing for an investment outlay of over USD 1 Billion in Hyderabad
One of the leading real estate developers in the country, RMZ Corp. has announced a strategic partnership with Hyderabad’s largest business house, My Home Group to develop premium commercial office spaces in the city with an investment of over $ 1 billion.
Spread across 10 million sq. ft. the office space project will be jointly developed and managed by RMZ Corp. and My Home Group. The first phase of this extensive project covering 3.5 million sq. ft. is already underway at Silicon Valley of Hyderabad with close proximity to HITEC City, the hub of IT & ITES companies. This commercial property will be known as THE SKYVIEW and is expected to be delivered by December 2018.
Commenting on this new venture, Mr. Manoj Menda, Corporate Chairman, RMZ Corp said, “We are pleased to enhance our portfolio in Hyderabad through this 50:50 joint venture with My Home Group, as this is a strategic business accelerator and demonstrates the fundamentals of our assets. This project is a location of choice for many multinational companies and is earmarked for technology, research and development and high value added knowledge intensive companies.”
“As the economy continues on an upswing, we remain committed to pursuing assets to enhance RMZ’s portfolio, income stability and lease profile. We invest in properties located in economically strong locations that offer an opportunity for value appreciation,” he added.
Rameswar Rao, Chairman My Home Group, said, “My Home Group enjoys a clear Brand leadership in the construction space of Hyderabad- both in the residential & commercial segments. With 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 greater opportunities in office space development.
We are pleased to partner with one of the largest commercial real estate developers in the country. The joint venture with RMZ will accelerate and drive rapid commercial development in Hyderabad. We are positive about the future and look forward to more such strategic partnerships.”
Commenting on this partnership, Shyam Rao, Managing Director -My Home Constructions, said, “Our association with RMZ will go a long way in transforming the city and generate interest from home-grown innovators and global corporates to setup shop in Hyderabad. This commercial development is in line with Mr. KT Rama Rao’s vision of developing Hyderabad into a global city.”
According to Arshdeep Sethi, Managing Director, Investment, RMZ Corp said, “The joint venture with My Home Group will provide accretive opportunities and further help in diversifying our portfolio and enlarge our tenant base, as well as illustrate our strong fundamentals of securing superior real estate assets in strategic locations. Through this partnership, we intent to provide high-end Grade- A office spaces, which will facilitate both international and national companies to plan their next setup in the lucrative market of Hyderabad.”
“This venture is in sync with Cabinet Minister for IT E&C, Mr. KT Rama Rao’s aim to nurture a progressive and disruptive Hyderabad, making Telangana an investment destination,” he added.