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Iconic ‘Skyview’ in Hyderabad soon

Hyderabad: Hyderabad will soon have a new iconic office complex. City-based diversified business group My Home and Bengaluru-based asset development, investment and management player RMZ Corp have joined hands for a new project- The Skyview near Hitec City. The commercial space cluster, coming up in 10.38 acre, will have 3.73 milion sft in two towers and will have both SEZ and non-SEZ office areas. At completion, it will accommodate about 40,000 employees, according to Thirumal Govindraj, managing director- executive management, RMZ Corp.

“The Sky View is a 50-50 joint venture,” he said. The project will be a certified green project with focus on energy efficiency. It will have sewerage treatment plant and a waste management system with segregation facility.  “We are in talks with a few players in the IT and BFSI segments as anchor tenants,” said Govindraj. Typically, the average rentals for Grade A kind of properties in Hyderabad is about Rs 50-55 per sft. “We are expecting a premium of 20 per cent for the range of facilities we will offer. The rentals are likely to be Rs 60-65 per sft,” he said adding that it is looking to give about five lakh sft to anchor tenants.

“Companies are not looking at their own campuses. The expansion in the future will happen through the built-to-suit models where the developers play a key role,” he said. Phase I of the project is likely to be ready by the first part of calendar year 2019 while the Phase II will happen later, he said. About 1,60,000 sft will be used for food courts and retail and more. It will also have Coworks (serviced office space) in about 1,00,000 sft in the project, he said.

On demand drivers, he said IT, ITeS and BFSI segments will be key. The demand for commercial space in Hyderabad is about 5.5 million sft, for the past two to three years. Before that, the average demand was between 2 and 3 million sft, he said. Now, Hyderabad has the second highest demand for commercial space after Bengaluru (11 million sft).

Chennai sees a demand of 3.3 million sft, Mumbai 3.5 million sft and Delhi NCR region of four million sft. RMZ has plans to take up more projects. In all, it is targeting 10 million sft in Hyderabad. The remaining 6.2 million sft will be through different project (s), said Govindraj.

The post Iconic ‘Skyview’ in Hyderabad soon appeared first on Telangana Today.

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