JLL facilitates joint venture between Genpact and Hyderabad-based developer Ramky Estates
JV enables the development of next-generation Grade A office space for Genpact
Mumbai, 14 February 2022: JLL, the country’s largest real estate consultancy firm announced the inception of a Joint Venture (JV) between Genpact and Ramky Estates & Farms Limited (REFL), a Hyderabad-based real estate developer, to develop 14.37 acres of land situated at Uppal, Hyderabad.
The land parcel owned by IT major Genpact is situated next to their campus in Uppal. The company was looking at expanding its operations and IT footprint to cater to its growing business needs.
JLL was able to successfully get Hyderabad-based developer REFL to develop Grade A offices for Genpact. Ramky Estates will build 20 lakh sq feet of Grade A IT/ ITES office space and 9 lakh sq feet of residential space at the location over five years.
Vidya Srinivasan, global Infrastructure and Logistics leader, Genpact said, “At Genpact, our strategic infrastructure and campus investments over the years have positioned us well to attract a diverse, skilled workforce. With the help of the GRID policy (Growth in Dispersion) and an increase in connectivity through the Metro and the upcoming SRDP (Strategic Road Development Planning), and other initiatives taken by the Government, there will be a spurt in diversified growth across the IT sector,” she added.
“With the ease of business in Telangana boosted by the infrastructure and supply of Grade A office space, Hyderabad has become the most sought out destination for IT/ITES companies. Global companies like Genpact are increasing their footprint in Uppal and with the initiatives taken by the Government, we intend to see a rise in the demand for office space in East Hyderabad,” says Sandip Patnaik, Managing Director, Telangana, and Andhra Pradesh, India, JLL.
“We are proud to be part of this prestigious project and support the initiative of the state government to develop the Eastern corridor of Hyderabad,” said Nanda Kishore, Managing Director, Ramky Estates.
Indian office sector ended the year 2021 with net absorption for Q4, 2021 (October-December 2021) at 11.56 million sq. ft, the highest in the last eight quarters, and up by 86% Q-o-Q. In Q4 2021, the markets of Bengaluru, Hyderabad, and Delhi contributed 61% of the total absorption.
Hyderabad has also been leading the investment scenario with core and development stage transactions by leading global funds. The city has been preferred with marquee office space developers attracting quality tenants at the pre-commitment stage.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.