Newstrack

RMZ Corp to invest $2.5 bn for hospitality

Gayatri Vijaykumar - Bangalore

Indian corporate real estate developer, RMZ Corp, has announced plans of entering the hospitality industry by early next year. Sonali Lalvani, its head (marketing), revealed, "In the next five years, we plan to develop a 60 million square feet spread of commercial space. This will include office space, which will contribute to 45 per cent of the total development. We also plan to develop space for the retail, residential and hospitality sectors."

According to her, discussions are on with leading hospitality brands for developing the properties. RMZ Corp will be investing US$ 2.5 billion to develop the 60 million square feet of real estate, of which 2.1 million square feet will be for the hospitality segment.

In the last five years since its inception in 2002, the company has developed over 13 million square feet of office space across Bangalore, Chennai, Hyderabad, Kolkata and Pune. "We have plans of entering tier II cities and are looking at Cochin, Mangalore, Mysore, Nagpur and Coimbatore for developing commercial space," said Lalvani.

In its latest venture, RMZ Corp has developed a 65,000 square feet retail complex, catering to both the corporate offices located at RMZ Infinity as well as outsiders. The complex boasts of housing South India's largest Café Coffee Day, apart from two fine dining restaurants, a food court, ATM facilities, a gym and a bookstore.