Pharma boss buys property in Hyderabad’s posh Jubilee Hills for Rs 41.3 crore

After Mumbai and Delhi, Hyderabad is fast catching up on the property deals front. A businessman and owner of a pharma company recently bought an independent house, located in the posh Jubilee Hills area, for a whopping Rs 41.3 crore, documents made available by Zapkey.com reveal.

Zapkey.com says this is the largest deal in Jubilee Hills. The property was registered on January 28, 2021. A copy of the registration document is with Moneycontrol.

The buyer, N. Venkata Reddy, is the owner of pharma company Virchow Laboratories Limited. The property is on a plot of land admeasuring 1,837 square yards or 1,537 sq. metres.

He paid a stamp duty of Rs 2.27 crore and Rs 20 lakh as registration fee, according to the document.

Another property deal in the area was closed for Rs 10 crore on January 12, 2021. The independent house was bought by Arnipalli Harish Kumar, Director, Arvensis Energy.

Upscale Area

Jubilee Hills area has recorded as many as 120 sale transactions above Rs 10 crore in the last five years, 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.

Series of Deals

Leading Tollywood actor Akkineni Naga Chaitanya bought an apartment in January 2020 for Rs 27.1 crore, according to 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.

It should also be noted that the Telangana government stopped registering properties in the first week of September 2020. The State government had said that a new process was being introduced to register properties. Last November, a website was made available for registration of agricultural properties called dharani.telangana.gov.in.

According to sources, suspension of registration of properties had cost the government almost Rs 1,500 crore worth of stamp duty and registration revenue.

The Registration and Stamps Department in Telangana collects 6 percent of the property value as charges for registration, which includes stamp duty, transfer duty and registration fee as well as a nominal user charge.

Stamp duty is payable on the market value or the consideration amount, whichever is higher. The stamp duty and registration charges are the same for both men and women in Telangana.