RMZ, Japanese Firm Ink Rs 7,000 Cr JV For Office Projects

New Delhi: BENGALURU-based realty firm RMZ Corp and Japan’s Mitsui Fudosan have formed a Rs 7,000 crore joint venture to develop office spaces in Delhi, Bengaluru and Mumbai.

The two companies will first develop a 3.5 million square feet office space complex in Bengaluru’s Outer Ring Road. This will be followed up with various other buildings in Bengaluru, according to media reports.

This is the first investment of Mitsui Fudosan in the Indian realty market.

RMZ hopes to have about 75 million square feet of development of office spaces in the country by 2025. The company currently has 15 million square feet of office spaces under development in various cities. It already has about 16 million square feet of completed offices buildings from where it gets a rental income of Rs 1200 crore per annum.