One of Asia’s largest and privately owned realty developers, RMZ Corp, has announced that it will be investing around Rs 14,600 crore ($2 billion) in commercial space projects in Hyderabad by 2023. This will be in addition to the Rs 16,060 crore already invested in Hyderabad. RMZ is involved in two mega projects – one is Nexity with Hetero (3.3 million sqft) and Spire with Penna Cements (1.7 million sqft) – both under construction in Raidurgam. The two projects will accommodate about 50,000 people and will provide about five million square feet of commercial space in Hyderabad city.
The realty giant is also involved in another project, Vault, which is coming up in 22.5 acres of land in Financial District and will have seven million square feet of floor space. Nexity will be complete by the end of 2023 and will throw open one million sqft of commercial space. Nexity will have a new facility called RMZ Loft, a standalone structure that will house a wellness center, spa, restaurant, and leisure facilities. The space will be open to both employees and outsiders. Spire will be ready by the end of 2022. In fact, Nexity and Spire happen to be close to each other, and the design is such that it allows the movement of people between the two structures.
However, RMZ has further expansion plans in Hyderabad. It is planning to acquire a further five million sqft in the city, and if that comes through, it will have a portfolio of 20-21 million sqft. Also, RMZ has already finished The Skyview in partnership with MyHome, which is about four million sqft with 40,000 employees. The IT tower houses various firms such as Qualcomm, Micron, FB, and Providence.
Also, the company takes pride in impacting the commercial rental market in Hyderabad. They say that the average rental rate was Rs 50 to 55 per sqft when they entered the market. They jacked up the price to Rs 61-62 per sqft, and their latest deal was for Rs 72 per sqft.