Real estate developer RMZ Corp has signed a joint venture agreement with My Home Group to develop 10 million square feet of premium commercial office space in Hitech City, Hyderabad’s information technology hub.
The project is valued at over US$1 billion.
My Home Group, founded by industrialist Jupally Rameswar Rao, has built 16 residential and commercial projects to date, with a total built-up area of 7 million square feet of living space. Aside from its construction business, My Home Group also operates in the cement, power, consultancy and education sectors.
RMZ currently has 20 million square feet of assets under management and has developed 1.3 million square feet of premium homes and 600,000 square feet in hospitality and retail projects.
Trilegal advised My Home Group on the deal. The team comprised partner Pavan Kumar, senior associate Dennis John and associate John Mathew.
A team from the Bengaluru office of Cyril Amarchand Mangaldas advised RMZ Group on corporate aspects of the deal. The team comprised partner Reeba Chacko, principal associate Vishak Abraham, senior associate Trayosha Darupuneni and associate Sejal Widge.
Tatva Legal’s Hyderabad office advised RMZ on real estate matters, while BMR Legal in Bengaluru advised on tax aspects.