`Largest single land deal': ASBL buys 10-acre plot at Kukatpally for Rs 235 Cr
The land is situated at Kukatpally, which is known for its thriving residential community and good connectivity to the city’s hotspots.
By Newsmeter Network Published on 29 Dec 2021 3:42 AM GMT
Hyderabad: Ashoka Builders India (ASBL) has purchased 10 acres of prime land at Kukatpally for Rs 235 crore.
One of the top-notch real estate developers, ASBL emerged as the highest bidder for the deal.
JLL, the real estate consultancy firm appointed by the seller as an exclusive transaction partner, said this is one of the largest single land deals of 2021 in the country and a major boost to the real estate market in the city.
The land is situated at Kukatpally, which is known for its thriving residential community and good connectivity to the city's hotspots.
"The land is in Kukatpally, a busy business hub in the northwestern part of the city and known for a thriving residential community and excellent connectivity to many other parts of the city. This deal proves Hyderabad's favorable market in terms of strong demand for both commercial and residential developments," says Sandip Patnaik, MD, Telangana, and Andhra Pradesh of JLL.
He 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 during pre-COVID, he said.
Ashoka Builders CEO Ajitesh Korupolu said, "We intend to build a mixeduse 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 mixeduse community, taking the valuation of the project, after completion, to be roughly Rs 600 crore."
From a company standpoint, the project would diversify its presence on all sides of Hyderabad. "We are already present in southwest and east, making Kukatpally ASBL's expansion into the northwest of Hyderabad. Secondly, this would be our first venture into commercial real estate. 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," he said.
