The former chief minister of united Andhra Pradesh Nallari Kiran Kumar Reddy has bought a Rs 11-crore bungalow in the posh Banjara Hills area of Hyderabad, documents accessed by Zapkey.com show.
The 1,747-square yard property, with a built-up area of 2,877 sq ft was sold by Sable Property Holdings Pvt Ltd, which is a GAR Corporation Company, documents show.
The property was registered on September 16, 2021. Sable Property Holdings Pvt Ltd didn’t respond to Moneycontrol’s queries.
Earlier this month, Telugu actor Pawan Kalyan bought a 676-yard bungalow in Hyderabad’s Jubilee Hills, the address of the powerful and the famous, for Rs 12 crore, documents accessed by Zapkey.com showed.
In the last five years, Jubilee Hills has recorded 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 personalities from “Tollywood”, as the Telugu film industry is also known, politicians and industrialists.
Local brokers say that following the coronavirus outbreak, there has been an increase in demand for properties in the area.
“More and more people, especially the who’s who, have been moving to shift to low-density developments rather than scout for luxury flats in densely populated multi-storey buildings,” a local broker said on condition of anonymity.
Property prices in the neighbourhood have always been high as the city’s elite reside there and transactions happen through word of mouth, brokers say.
Reddy was the last chief minister of Andhra Pradesh before the state of Telangana was carved out of it. He quit as the CM, MLA and the Congress party in February 2014. He returned to the Congress fold four years later.