Hyderabad 60.3 (Image: Reuters)
Vallurupalli Varun Dev, who owns Varun Motors that claims to be India’s biggest Maruti car dealer, has sold a property in Hyderabad’s posh Jubilee Hills for Rs 37 crore to the promoter of real-estate firm Vasavi Group, documents accessed by Zapkey.com show.
Vasavi chairman and managing director Yerram Vijay Kumar bought the property that is spread across 13,68 sq yards, documents seen by Zapkey which aggregates publicly available property registration data show. The sale deed was registered on October 22, 2021.
Dev didn’t respond to Moneycontrol’s queries.
“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.
On October 1, 2021, Dev bought a bungalow in the tony neighbourhood known for its green spaces, tree-lined streets and famous residents for Rs 33 crore. According to documents, the property is spread across 1,200 sq yards and has a built-up area of 1,780 sq ft.
Another Jubilee Hills property recently changed hands. On November 15, 2021, a house on an 841 sq yard plot was sold to CHIREC international school owner Ratna Reddy for Rs 26 crore.
In the last five years, Jubilee Hills recorded 120 sales above Rs 10 crore, as per Zapkey.com.
In 2020, there were 17 sale transactions above Rs 10 crore in the locality. Buyers included celebrities from Tollywood, as the local film industry is known, politicians and industrialists.
Plot sizes in Jubilee Hills are generally upwards of 1,000 sq yards and command anything between Rs 1.5 lakh to Rs 2 lakh per sq yard if not more, brokers active in the area said.
Prices in the area have conventionally been high as the city’s elite reside there and transactions happen through word of mouth.
Property prices have risen by 2 to 6 percent in markets such as Hyderabad and Bengaluru with more tech companies and startups setting up offices in these cities and renewing their leases, prompting higher demand for housing.