Telangana’s largest industrial house My Home Group has teamed up with office space specialists, RMZ group to build a 10million sq ft property in Hyderabad. More than 6,550-crore office-space project, touted as the country’s largest, is coming up on a 10-acre piece of land in Hyderabad’s upmarket Hitec City. The two companies will contribute equally towards the project cost. My Home Group, founded by industrialist, Jupally Rameswar Rao, has over 10 million sq ft of built-up residential and commercial real estate space. Last year, it launched about 16 million sq ft of projects to be completed in three years, involving about 5,000 crore in investment. The JV arrangement with My Home helps RMZ, which had built its first office space property `RMZ Futura’ in 2001-02, to re-enter the highly promising Hyderabad office realty market. Hyderabad, which has the lowest vacancy levels for office space among the top seven metros, has witnessed the second largest office space absorption after Bengaluru at 7.5 million sq ft, apart from 2.3 million sq ft of pre-commitments last year. Family-owned RMZ, which is weighing options to list office properties by middle of this year, is looking to raise a second round of funds from Qatar Investment Authority (QIA) to acquire commercial spaces in Bengaluru, Hyderabad, Chennai, Pune and National Capital Region.
Image source: Tilt-Up Concrete Association