Hyderabad: In one of the largest single land deals of 2021 in India, JLL completed 10 acres of prime land sale to Hyderabad-based real estate developer Ashoka Builders India Private Limited (ASBL) at Rs 235 crore. ASBL has emerged as the highest bidder for the deal.
The land is situated at Kukatpally, which is in the north-western part of Hyderabad, and was owned by one of the large corporate houses in the country. JLL was appointed as the exclusive transaction partner for the deal by the seller.
“This deal proves Hyderabad is a favourable market in terms of strong demand for both commercial and residential developments,” Sandip Patnaik, MD, Telangana and Andhra Pradesh, JLL, said.
Renewed buyer confidence has been instrumental in supporting the Hyderabad real estate market recovery in Q3 2021, which recorded a healthy quantum of sales and launches as compared to the same period last year. These numbers are inching towards those in the pre-Covid era.
“We intend to build a mixed-use development, combining premium residential development and Grade A commercial space by June 2025. We plan to further invest around Rs 250 crore to develop this mixed-use community, taking the valuation of the project, after completion, to be roughly Rs 600 crore,” said Ajitesh Korupolu, CEO, ASBL.
Ashoka Builders India is executing five million sq ft of residential built-up space across Hyderabad.
“We are already present in South-West and East, making Kukatpally ASBL’s expansion into the North-West of Hyderabad. Secondly, this would be our first venture into commercial real estate. And thirdly, the great connectivity Kukatpally enjoys due to the recently inaugurated flyovers, metro rail, and all other forms of commute, make this land a lucrative investment opportunity,” Korupolu added.
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