RMZ launches three projects to mark its foray into residential realty

Bengaluru-based RMZ Corp, one of India's leading commercial real estate developers, has made its foray into the residential segment by launching three new luxury residential projects -- RMZ Galleria, RMZ Latitude and RMZ Sawaan – in the city. The overall investment for these is to the tune of Rs 820 crore and funds will be generated mainly through SPV level and customer advances. The projects are slated for completion by 2014-end. Unveiling RMZ Homes, Raj Menda, Co-owner and MD, said, “After making our mark in the commercial segment, we are now foraying into the residential segment with the launch of three new luxury projects in Bengaluru. We plan to develop 10 million sq ft area in the residential segment over the next five years, in Bengaluru, Chennai and Hyderabad covering five million sq ft, two million sq ft and three million sq ft, respectively.” RMZ Galleria at Yelahanka, spread over 12 acres, is a mixed-use development comprising residential, commercial, retail and serviced residences. The residential, spread over 3.88 acres area, will consist of four 18-storey towers of total 322 luxury apartments comprising 2 & 3 BHK options, priced at Rs 70 lakh and Rs 1 crore upwards respectively. The overall investment for this project is about Rs 700 crore out of which Rs 315 crore is for residential development alone. RMZ Latitude at Hebbal, spread over five acres, consists of 122 luxury condominiums of 4 & 5 BHK. The size of units varies from 3900 sq ft to 6500 sq ft, priced between Rs 3.25-5.8 crore. The overall investment for this project is estimated to be about Rs 450 crore. These homes offer world-class amenities and promise to pamper the privileged few. RMZ Sawaan at Yelahanka is a luxury gated community with 34 exclusive villas. The first phase to be spread over 5 acres will offer luxury residences in sizes 4200-4900 sq ft, priced between Rs 3.85-4.6 crore. This project will be developed with an investment of Rs 105 crore in the first phase. Later this year, by around July, the Group also plans to launch two more villa projects of 27 acres and 20 acres at Whitefield and North Bengaluru (Hennur Road) respectively. Exuding confidence, Raj Menda said, “Every resident of RMZ Homes development will enjoy a distinct lifestyle, best amenities and a bouquet of privileged services. The projects promise to be a combination of opulence and RMZ signature qualities.” Meanwhile, the Group has also made its foray into the hospitality segment with the launch of their maiden Serviced Residences at RMZ Galleria. Here, they plan to build 150 serviced apartments. “Besides Galleria, we also plan to launch three more projects in this category this year for which details are yet to be finalised. On an average, every project will have over 150 keys,” confirmed Menda. Elaborating on the low sentiments of buyers and over-supply in the overall residential sector, Menda said, “This is, however, not true. If we look at the overall residential sector, then we must consider it in three categories. The first comprises of homes under Rs 25 lakh wherein, I feel, there is a huge short supply because there are not many branded players. The second comprises of homes in the range of Rs 25–60 lakh. It is in this category that there is an over-supply. The last category is of premium segment homes where again the supply is not much. Thus, it is wrong to say that the overall residential market is suffering from over-supply.” source: http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=18213&cat_id=1