RMZ Corp to invest ₹14,600-cr for real estate in Hyderabad

RMZ Corp, one of Asia's largest privately owned real estate developers, will invest about ₹14,600 crore ($ 2 billion) in commercial real estate space in Hyderabad by 2023. MD Thirumal Govindraj informed that Nexity with Hetero (3.3 million sqft) and Spire with Penna Cements (1.7 million sqft) projects are currently under construction near Raidurgam. These two projects will add five million square feet of commercial space by 2023 to the city.

RMZ Corp is also involved in one more project – Vault, which is coming up in about 22.5 acres in the Financial District and will have seven million square feet of floor space. About one million sqft of commercial space in Nexity will be ready next year. This project is likely to be completed by 2023 and about five lakh square feet of space has already been sold. While Spire will be ready next year and both the projects are close to each other. The design will be such that it will allow the movement of people between the two structures. In addition, the company is in the process of acquiring five million sqft more space in Hyderabad. Once that happens, its portfolio in Hyderabad will be 20-21 million sqft. RMZ with MyHome has already completed The Skyview project, stretching across four million sq ft.