Bengaluru-based RMZ plans to sell premium office condominiums valued at approximately ₹6,500 crore to family offices and other investors in 2023. This initiative is part of the company's newly launched ‘Signature Offices’ division, which will offer brand new office inventory across Bengaluru, Pune, and Gurugram.
Key Details
The company aims to provide standalone buildings or units in under-construction projects designated for sale within its office campuses. RMZ's strategy comes amid rising office leasing and investment volumes in India, driven by interest from domestic institutions and global capital markets, according to property advisory CBRE India.
Background
Sidharth Menda, managing director at RMZ, noted that the company is targeting the top 1,500 family offices, which are seasoned investors looking for direct ownership in real estate. He emphasized that the new office condominiums will differ from traditional strata sales, requiring a minimum investment of ₹100 crore, with options to purchase entire floors in their buildings. Menda stated,
We have seen demand from family offices wanting to invest in a real estate opportunity that gives them annuity income.
The sale of office condos could influence the commercial real estate sector in India, attracting further investment from family offices and institutional players. This trend may lead to increased activity in the real estate market, particularly in the office leasing segment, as investors seek stable income-generating assets.
Investors will watch for updates on RMZ's sales progress and any potential partnerships with family offices in the coming months.