AIG Global Real Estate and RMZ Corp to develop office space and hotels

Chennai: AIG Global Real Estate and the Bangalore based RMZ Corp., real estate development company will float an equal joint venture to develop commercial and office space in key cities across India. The proposed venture will also look at the hospitality sector tying up with some international hotel chain.

According to RMZ Corp managing director Raj Menda, the alliance will help us in achieving our long-term goals in terms of capital investment and financial support. The company recently acquired 11-acre plot in Chennai for Rs298.10 crore and has plans to develop the same as office space (1.5 million sq.ft). The land was owned by Hindustan Teleprinters Limited belonging to Himachal Futuristic Communications Limited.

Speaking about the joint venture, AIG''s country head and chief executive officer Sunil Mehta, said, "We believe that AIG Global Real Estate is well positioned to realize and capitalize on the opportunities that exist in the Indian market. The joint venture would reinforce AIG''s commitment as a long term financial player across all asset classes in India."

The five-year old RMZ Corp has plans to set up three joint ventures, one each for retail, residential and hospitality and office spaces. Currently present in Bangalore, Hyderabad, Chennai, Kolkata and Pune RMZ Corp will be expanding its operations to Mysore, Mangalore, Coimbatore, Kochi and Nagpur.