RMZ buys Shangri-La project for Rs 700 crore to expand biz park

The office space crunch in the country’s tech capital has prompted a top developer to acquire an upcoming luxury hotel project to expand its business park. RMZ Corp is acquiring, in what would have been, Bengaluru’s second Shangri-La hotel for little over $100 million (Rs 700 crore) to build an additional 2.5 million sqft office space in the city’s IT suburbs, people familiar with the matter said.

Read more: Economic Times