RMZ, My Home to invest $1 billion in Hyderabad

Real estate developer RMZ Corp.has announced a strategic partnership with Hyderabad-based business house, My HomeGroup 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 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 sq. ft is already underway here. This commercial property is expected to be delivered by December 2018, it said. 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.

Rameswar Rao, Chairman My Home Group, said, “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.” — PTI