A 10-acre size land parcel was purchased by Ashoka Builders India Pvt. Ltd., the land sold is located in Kukatpally area of Hyderabad which is considering a prime location for real-estate properties. Ashoka Builders purchased this land for a total sum of ₹235 crores at a rate of ₹48,553 per square yard approximately, the land parcel was purchased from an anonymous seller (rumoured to be Godrej & Boyce Manufacturing Company). Ashoka Builders have plans to develop this area into a mixed-use development featuring premium residential development and Grade A commercial spaces by mid-2025.
The CEO of Ashoka Builders, Ajitesh Korupolu said that the company plans to invest a further ₹250 crores to develop the mixed-use community development project on this newly acquired land, post completion of development, the value of the project is estimated be around ₹600 crores. Ashoka Builders emerged as the highest bidders for the land sold by one of India’s largest corporate entities. The details of the deal were furnished by JLL India – a real-estate services firm that was the transaction partner for the deal. MD (Telangana & AP) of JLL India Sandip Patnaik said ““JLL’s robust market intelligence and strong relationship led to successful closure of this deal in a record time. This deal proves Hyderabad’s favourable market in terms of strong demand for both commercial and residential developments.”
Ajitesh Korupolu, CEO of Ashoka Builders also added to his above statements saying “We (Ashoka Builders) are already present in South-West & East (Hyderabad), making Kukatpally ASBL’s expansion into the North-West of Hyderabad. Secondly, this would be our first venture into commercial real-estate.” At present, Ashoka Builders is building projects of 50 lakh sq. ft. of residential built-up spaces spread across Hyderabad. Most of the land parcels in India, especially in metropolitan cities are being monetised by owners through either joint-venture deals or development management contracts.
This deal of 10-acre land being sold for ₹235 acres is one of the largest singular outright property deals in India in the year 2021. The location of the land – Kukatpally, is well connected by all forms of public transport and is a buzzing hub for commercial & residential projects. The city of Hyderabad had a significantly higher number of sales & launches in Q3 this year compared to the same period in 2020, this displays the recovery of Hyderabad’s real-estate market which has been bolstered by affordable synergies and the growing need for homeownership supported by all-time low mortgage rates, stamp duty waivers in various states and stable prices are driving housing demand recovery.
