Leading corporate real estate developer, RMZ Corp, is charting a new course by foraying into the residential realty space.
The Bangalore-based firm is looking at residential realty market as a new thrust area to propel growth for the company. In tandem with its plans, the firm is looking to have a 60% residential and 40% commercial and retail portfolio in the next two years.
"We are focusing on residential segment as the market is reviving faster. We plan to build 10 mn sft in five years and expect 20% of total turnover to come from residential segment," says Raj Menda, managing director RMZ Corp.
RMZ plans to build 470 units residential projects comprising of high end villas and condomium ranging between Rs 70 lakh and Rs 5.8 crore in Bangalore. The projects are expected to be completed by 2014.
"We will invest Rs 900 crore across our three bangalore projects but will look at raising equity once we plan to ramp our business by mid this year," he added.
To double its commercial portfolio in the next two years, RMZ Corp is shopping for distressed assets in Chennai, Hyderabad and Bangalore. The firm is in talk to buy 15,00,000 sft of Grade A distressed office space in Chennai and Bangalore.
"We plan to expand our commercial portfolio by purchasing distressed properties, as it is cheaper to buy," said Menda. However, he refused to share details on the same. RMZ currently has 3.4 mn sft of commercial property under construction.
RMZ has recently bought 25 acres of land in the outer ring road, Bangalore from Adarsh Developers to increase its footprint in the city. The transaction is valued at Rs 1000 crore.
The company, has so far, acquired and developed over 13 million sq ft and manages a property portfolio in excess of $2 billio
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