Owner of business conglomerate GVK Group, which focuses on infrastructure, energy, resources and airports, has bought an independent house spread across 6,033 square feet in Hyderabad’s posh Jubilee Hills area for Rs 23.15 crore, documents made available by Zapkey.com showed.
GV Krishna Reddy, Chairman of GVK Group, bought the plot on July 16, the documents showed. A copy of the registration document was seen by Moneycontrol.
The total land area is 1,447 sq. yard, which takes the per sq. yard value to be around Rs 1.60 lakh. This, say local brokers, is a fair market price. According to the document, Reddy paid a total of Rs 1.43 crore towards stamp duty (Rs 94.2 lakh), transfer duty (Rs 35.26 lakh), registration fee (Rs 11.7 lakh), user charges (Rs 210) and mutation fees (Rs 2.3 lakh).
Reddy did not respond to an email query from Moneycontrol.
On June 26, 2020, a property worth Rs 23 crore was registered in the same area under his name.
The upscale Jubilee Hills has attracted the rich and the famous, who are increasingly looking for residences in low-density areas.
In one of the priciest deals in Hyderabad’s posh Jubilee Hills area, an owner of a data centre company CtrlS, bought a 2,644 square yards property for Rs 48 crore in April, documents made available by Zapkey.com showed.
Pinnapureddy Sridhar Reddy, owner of CtrlS, bought the property in the name of Cloud4CTechnology LLP, where he is a partner. The seller was Suryanarayana Raju Nandyala.
Stamp duty of Rs 1.93 crore was paid for the property in Jubilee Hills Cooperative Housing Building Society. The deal also involved payment of transfer duty of Rs 72.37 lakh and a registration fee of Rs 24.12 lakh, the documents showed.
Earlier N Venkata Reddy, owner of pharma company Virchow Laboratories Limited, had bought a property in the same area land admeasuring 1,837 square yards or 1,537 sq. metres for Rs 41 crore.
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.
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.
Neuland Labs CEO Sucheth Rao Davuluri also bought an independent house in Jubilee Hills area for Rs 20.7 crore on May 18, 2020, according to documents shared by Zapkey.com.
Brokers active in the area say 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.
“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,” a local broker said.
Also, prices in the area have conventionally been high as the city’s elite reside there and transactions happen through word of mouth.
According to a report 'India Real Estate Residential Market – January to June 2021' by Knight Frank India, on account of the pandemic-induced work from home trend, demand for larger homes has picked-up substantially in the Hyderabad residential market over the past few months.
Hyderabad showed the most growth in H1 2021 in sales as well as launches which grew 150 percent and 278 percent YoY, respectively. While this can be attributed in part to a pronounced base effect, it is also due to the fact that the IT industry, which is the major employer in the city, was not impacted by the coronavirus pandemic.With no threat of income disruption, affordable prices and low home loan rates, the city posted its highest-ever home sales in a half-yearly period during H1 2021, the report said.