RMZ

'We plan to launch 8 million square feet in residential projects and 2 million square feet in commercial projects in FY23'

Property consultant Colliers expects a fresh office property supply of between 33 and 38 million sq ft every year in the next three years, including the current one

RMZ has agreed to sell its completed commercial assets portfolio and co-working business to global investment firm Brookfield for an enterprise value of around Rs 14,000 crore

RMZ, one of the biggest owners of office properties in southern India, has done a handful of lease rental deals with global firms in recent weeks.

Real estate developers may raise more than USD 25 billion over the next three years by listing their rent-yielding commercial properties through the Real Estate Investment Trusts (REITs) route, according to realty consultant Anarock. Earlier this year, global investment firm Blackstone and realty firm Embassy group launched India's first REIT to raise Rs 4,750 crore. Their joint venture firm Embassy Office Parks listed its rental assets on the exchanges. "Commercial REITs may raise over USD 25 billion for Indian real estate over the next three years. This involves the listing of more than 150 million sq ft of rent-yielding Grade A office properties across top seven cities - covering 25-30 per cent of the overall Grade A office space in these cities," said Shobhit Agarwal, MD & CEO Anarock Capital. Currently, the top seven cities -- Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad and Pune -- have close to 550 million sq ft Grade A office supply - of which 310-320 million

Promoted by the Menda family, RMZ is in talks with Mumbai-based Omkar Realtors & Developers to buy the latter's commerical buildings at the localities of Bandra and Mahalaxmi