Apr 25, 2023 | Posted by Abdul-Rahman Oladimeji
RMZ Corp has diversified into three new asset classes, which include data centers. The company anticipates developing 350 million square feet of commercial space in India and abroad by 2032 for industrial and warehouse logistics, accommodations, and data centers. The company announced its intention to move into data centers for the first time in an interview with the Deccan Herald last month; The Hindu reported additional details. The company's initial investments will be in industrial and warehousing properties, followed by the construction of data centers in Bengaluru, Hyderabad, Chennai, Mumbai, Pune, and the National Capital Region of Delhi. The company anticipates that the entire process, from acquiring land to collaborating with other businesses to develop the spaces, will take approximately eight years.
Five million square feet will be developed in Hyderabad in the fiscal year 2024, followed by 3.3 million square feet in Bengaluru and one million square feet each in Chennai and Pune. The company estimates it will take at least 36 months to develop 1.5 million square feet in Mumbai. Exactly how much of this will be allocated to data centers remains unknown. To finance these developments, RMZ has sold assets to Brookfield Asset Management Company for $2 billion. K. Jayakumar, the senior managing director of RMZ, stated that the company's plans to open offices in Europe and the United States have been temporarily shelved due to the economic downturn. RMZ Corp is an India-based real estate developer that specializes in eco-friendly buildings and office spaces. The company signed the First Movers Coalition in December 2022, pledging to purchase at least 10 percent of near-zero cement and concrete annually for its real estate development projects by 2030.
