Hyderabad To Have India’s Largest Office Space

Hyderabad: The industrial house My Home Group has tied-up with RMZ group to build 10 million sq ft property in Hyderabad. This is one of the largest constructions in India, as the estimated cost of project is more than Rs6,550 crore. The project will soon come up at Hi-tech city in Hyderabad.

The project will be jointly developed by My Home and RMZ. "It is the largest office project in the country so far," said global property consultant Cushman & Wakefield's Hyderabad managing director Veera Babu.

My Home Group, founded by industrialist Jupally Rameswar Rao, has over 10 million sq ft of built-up residential and commercial real estate space. Last year, it launched about 16 million sq ft of projects to be completed in three years, involving about . 5,000 crore in investment.

Hyderabad, which has the lowest vacancy levels for office space among the top seven metros, has witnessed the second largest office space absorption after Bengaluru at 7.5 million sq ft, apart from 2.3 million sq ft of pre-commitments last year. The city's IT Corridor, comprising Madhapur, Kondapur, Raidurg and Hitec City and Gachibowli, continued to dominate office space leasing, with majority of the leasing activity driven by IT ITeS and BFSI firms.

“It is a big thing for Hyderabad that RMZ, which is a grade-A developer and has proven its work in terms of quality , is coming to the city ,“ said Veera Babu of Cushman & Wakefield.

The proposed joint venture office space property of My Home and RMZ adds an immediate supply of grade-A office space in Hyderabad, leading to higher market availability of overall office space, he said.