RMZ Corp is a privately owned real estate company, headquartered in Bangalore, India. It was established in 2002. The company has developed residential and commercial properties in India, with notable projects including The Millenia and RMZ Infinity in Bengaluru, The Skyview in Hyderabad, RMZ Infinity in Delhi, RMZ One Paramount in Chennai, and RMZ Ecoworld in Bengaluru. The company has developed projects in multiple cities in India, including Bangalore, Chennai, Hyderabad, Delhi NCR, Pune, and Mumbai The company has a portfolio of real assets spanning a total of 67 million square feet.
The Hindu Business Line reports that RMZ Corp is India's largest LEED certified company.
History
RMZ Corp was founded in 2002 by Arjun Menda and his sons, Raj and Manoj Menda. Arjun Menda, an alumnus of IIT Kharagpur, had prior experience with companies like Mahindra & Mahindra and Gabriel India. He ventured into the real estate sector in 1980. Raj and Manoj Menda were associated with the K Raheja Group, managing operations in the southern region during the late 1990s. RMZ Corp executed its first project in Bangalore in 2002.
In 2012, RMZ Corp expanded its presence in the residential real estate sector and introduced projects such as Latitude, Saawan, and Galleria. In February 2012, it received a $100 million investment from private equity firm Baring Private Equity Partners (BPEP). Qatar Investment Authority (QIA) invested $300 million in RMZ Corp in 2013, acquiring a stake of 21%. In December 2015, the company acquired 0.8 million sq ft in Gurgaon from the real estate company BPTP for approximately $150 million.
In 2016, the company ventured into the co-working space business with the launch of CoWrks, which operates in Mumbai, Bangalore, Chennai, Gurgaon, Hyderabad, Delhi, and other locations.
In 2018, RMZ Corp acquired Essar Group's Equinox Business Park, a 1.25 million sq. ft office space in Mumbai's Bandra-Kurla Complex for around ₹2,400 crore. In the same year, the company repurchased shares from Qatar Investment Authority in a deal worth nearly $1 billion. In 2019, RMZ Corp and DB Realty jointly acquired the Kamal Amrohi's film studio Kamalistan, located in Mumbai.
In January 2020, RMZ Corp formed a US$ 1 billion joint venture with a Japanese real estate company Mitsui Fudosan to develop commercial projects throughout India. In August 2020, the company sold 18 percent of its commercial real estate and co-working business to Brookfield for $2 billion, making it India's largest realty deal. The transaction included 12.5 million sq ft of assets.
In April 2021, Canada Pension Plan Investment Board invested around $210 million in a joint venture with RMZ Corp to develop and hold commercial office space in Chennai and Hyderabad. Later in March 2022, their second joint venture with the Canada Pension Plan Investment Board (CPPIB) was announced, in which CPPIB invested $355 million (around 2,650 crore) for the development of commercial projects in India. RMZ Corp serves over 250 enterprise customers, including Boeing, Google, Deloitte, SAP, Shell, Honeywell and KPMG.
Waste Management
RMZ Corp is partnered with the social enterprise Saahas Zero Waste to manage its waste. The company composts approximately 60% of its total waste, which comprises wet waste and transforms the remaining dry waste into paper, bags, and other products through recycling. Their tech park, RMZ Ecoworld and RMZ Infinity have reduced mixed waste from 50% to around 15%, as of June 2017.
In 2020, it became the first company to achieve the WELL Health-Safety Rating by the International WELL Building Institute for its efforts in supporting COVID-19 health and safety measures. In the same year, RMZ Corp joined Well Living Lab Alliance, a global consortium of organizations. In December 2022, it became a signatory member of the First Movers Coalition (FMC), an initiative by the World Economic Forum and the US government, promoting zero-carbon technologies and sustainability in carbon-intensive industries through low-carbon technology commitments.
RMZ has integrated green building features into its various projects and is a founding member of the Indian Green Building Council (IGBC) as well as a member of the U.S. Green Building Council (USGBC).