RMZ Corp eyes 2 more commercial realty projects in Hyderabad

Bangalore-based real estate developer RMZ Corporation, which has Google and Deloitte as its clients in the city, is looking at developing two other commercial projects in Hyderabad in the next financial year.

This apart, it is also looking at getting into retail and residential development in the near future.

Speaking to Business Standard, Christopher da Costa, executive manager - media and public relations, RMZ Corp, said: "We are looking at strengthening our base in Hyderabad. Therefore, we are planning to develop at least two other projects in the city, as soon as we complete the ongoing project for Google and Deloitte at Hitech city in March."

"Our business development team is looking at other places in the city for our plans of developing built-to-suit campus and multi-tenant facilities for companies over here," he added. This apart, infrastructure, government support and availability of skilled labour is an added asset for this city, he said.

"Many multi-national companies are now looking at developing huge consolidated premises rather than multiple offices in one city. This is helping our business," da Costa said. This, he added, is economical even for the companies. Software companies like Accenture and Philips are some of RMZ's clients that have followed this trend.

RMZ Corp's ongoing 3,75,000 sq ft project in Hyderabad called RMZ Futura, is a combination of independent and multi-tenanted facilities and includes three independent projects. While Google has occupied 33,000 square feet of the total area, Deloitte has acquired the remaining 3,42,000 square feet.

RMZ Corp is spending around Rs 1,300 per sq ft on the interiors of this project and Rs 1,200 per sq ft on the shell (exteriors). While Block A of the project has been completed, Block B will be completed by February 15, 2005, and Block C by March 2005, da Costa said.

"We would also like to expand our presence in cities like Pune and Chennai besides Bangalore," da Costa said. Some of RMZ's ongoing projects in Bangalore include a 28-acre business park, Ecospace, besides a 12-acre facility, RMZ Infinity that will be ideal for IT, ITES and BPO companies, according to da Costa.

Life insurance company Aviva has acquired about 2 lakh sq ft area for its corporate office in RMZ's another ongoing project in Bangalore called Centennial. "This project should be ready by September this year," he said.

In Pune, RMZ is developing a 3,30,000 square feet project called RMZ Icon. Software firm Veritas has acquired 1,20,000 square feet of the total area. RMZ is also developing a 23-lakh sq ft business park in Chennai called RMZ Millennia.

RMZ has so far developed only commercial projects for IT, ITES and BPO companies. It is now contemplating entering the retail and residential estate development sectors in the near future, da Costa said. "We, at RMZ, understand that there is a huge scope in these sectors," he added.