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My Home, RMZ to invest $1 billion in Hyderabad
Hyderabad-based My Home Group has partnered with Bengaluru-based real estate developer RMZ Corp to develop premium commercial office spaces in the city with an investment of over $1 billion (nearly Rs 6,500 crore).
​Hyderabad: Hyderabad-based My Home Group has partnered with Bengaluru-based real estate developer RMZ Corp to develop premium commercial office spaces in the city with an investment of over $1 billion (nearly Rs 6,500 crore).
Spread across 10 million Sft, the office space project would be jointly developed and managed by RMZ Corp and My Home Group, a joint statement said.
The first phase of this project covering 3.5 million sqft is already underway here. This commercial property, known as ‘The SkyView,’ is expected to be delivered by December 2018, it said. “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,” said Rameswar Rao, Chairman, My Home Group.
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, Menda added.
Over a decade since its inception in 2002, RMZ currently holds prolific portfolio of over 20 millin sft under ownership and $4 billion of assets under management, creating a portfolio of rent-yielding commercial assets in India. It holds premium office space across Bangalore, Mumbai, New Delhi, Hyderabad, Chennai and Pune.
