Vallurupalli Varun Dev, owner of Varun Motors, which claims to be the country’s largest Maruti car dealer, has bought a bungalow in Hyderabad’s posh Jubilee Hills area for Rs 33 crore, documents accessed by Zapkey.com showed.
The property is spread across 1,200 sq yards and has a built up area of 1780 sq ft. The sale deed was registered on October 1, 2021, the documents showed.
In the last five years, Jubilee Hills recorded as many as 120 sale transactions above Rs 10 crore, as per Zapkey.com, which aggregates publicly available property registration data.
There was no response from Varun Dev.
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In 2020, there were 17 sale transactions above Rs 10 crore in Jubilee Hills and buyers included prominent celebrities from the 'Tollywood' film industry, politicians and industrialists.
Plot sizes in Jubilee Hills are generally upwards of 1,000 sq. yards and command anything between Rs 1.5 lakh per sq. yard to Rs 2 lakh per sq. yard if not more, according to brokers active in the area.
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“During the pandemic, there has been an increase in demand for properties in the area as more people, especially the ‘who’s who’, are preferring to shift to low-density developments rather than scout for luxury flats in densely populated multi-storey buildings,” says a local broker.
Also, prices in the area have conventionally been high as the city’s elite reside there and transactions happen through word of mouth.