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.
Earlier, a businessman and owner of a pharma company had bought an independent house for Rs 41.3 crore in the same upmarket area of Hyderabad, the only city where prices of residential property prices rose in the last quarter of 2020 while sales more than doubled.
The upscale Jubilee Hills has attracted the rich and the famous, who are increasingly looking for residences in low-density areas.
In the latest deal, Pinnapureddy Sridhar Reddy, owner of CtrlS, bought the property in the name of Cloud4CTechnology LLP, where he is a partner. The seller is 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.
The price of the plot in per square yard terms works out to be around Rs 1.81 lakh, local brokers said.
A copy of the registration document is with Moneycontrol.
Reddy did not respond to an email query from Moneycontrol.
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 Tollywood, politicians and industrialists.
On June 26, 2020, a property worth Rs 23 crore was registered. It was bought by G V Krishna Reddy, Chairman, GVK group.
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,” 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.
Hyderabad is the only Indian city where residential property prices rose in the last quarter of 2020, but globally it has a low rank of 122 in the Global Residential Cities Index Q4 2020, by Knight Frank.
Home prices in Hyderabad rose by a marginal 0.2% YoY in the quarter, according to the index, which also showed that the fall in prices was the steepest in Chennai, placing it at bottom of the list of 150 cities across the world. Prices rose in 81 percent of the cities.
In Q4 2020, residential sales in Hyderabad jumped by 127% QoQ to 3,651 units from 1,609 units in Q3 2020, mainly because of festive season promotions and the COVID-induced push for newer homes with a better layout that meets the work-from-home requirement, the report said.