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. The non-profit organization established itself as the highest bidder for the transaction.
The land is located in Kukatpally, which is in the northwestern part of Hyderabad, and was owned by one of the country’s major corporations. JLL has been appointed as the exclusive partner of the transaction by the seller.
“This agreement proves that Hyderabad is a favorable market in terms of high demand for commercial and residential developments,” said Sandip Patnaik, MD, Telangana and Andhra Pradesh, JLL.
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Renewed buyer confidence helped support the recovery of the Hyderabad property market in the third quarter of 2021, which saw a good volume of sales and launches compared to the same period last year. These figures are close to those of the pre-Covid era.
“We intend to build a mixed-use development, combining high-end residential development and Class A commercial space by June 2025. We plan to invest a further approximately 250 crore to develop this mixed-use community. , taking the evaluation of the project, after completion, or about Rs 600 crore, ”said Ajitesh Korupolu, CEO of the ASBL.
Ashoka Builders India is running five million square feet of residential built space in Hyderabad.
“We are already present in the southwest and the east, which allows the expansion of Kukatpally ASBL in the northwest of Hyderabad. Second, this would be our first business in commercial real estate. And third, the great connectivity that Kukatpally enjoys due to the recently inaugurated overflights, metro and all other forms of transport, make this land a lucrative investment opportunity, ”added Korupolu.
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