In one of the largest commercial deals in recent times, real estate firm Aparna Constructions has bought office buildings spread across 4.3 lakh sq ft for Rs 247.5 crore in Hyderabad, documents accessed by Propstack showed.
The sale deed was registered on September 20, 2021.
The seller of the office space is ENN ENN Corp Limited, earlier called Abhishek Group of companies, which is into real estate development, exports, carbon-free power generation and asset leasing business.
The buyer is Hitec Cyberspazio LLP, a limited liability partnership firm with its registered office in Banjara Hills, Hyderabad. The documents showed that the company was represented by its authorised partner Aparna Infrahousing Pvt Ltd, which authorised C Venkateshwara Reddy and B Subba Reddy to execute the purchase.
The first plot - Plot 8, Madhapur Main Road, is spread across an area of 2,52,000 sq ft was sold for Rs 141.57 crore. The plot has ground and four floors.
The other plots 3 and 4, spread across a built-up area of 1,81,500 sq ft with ground and five floors, sold for Rs 105.93 crore, the documents showed.
There was no response from Aparna Constructions or B Subba Reddy.
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L&T Infocity Limited had applied for these three plots spread across an area of 7.88 acres on outright sale basis for setting up an IT facility dedicated to IT/ITeS activities way back in 2004. The allotment letter was issued to the company in the same year. The buildings came up in 2005.
As per the sale documents, L&T later sold the plots to ENN ENN in 2011. SCB Bank had a charge over the property for loans taken by ENN ENN. The tenant on this property is HSBC Electronic Data Processing India Pvt Ltd which recently renewed its lease in September 2021.
HSBC Electronic Data Processing has executed two leases in the building. The first spread across 1,81,500 sq ft is for a tenure of 29 months from August 21 to December 23 at a rent of Rs 64.5 per sq ft per month at a rent of Rs 1.16 crore. The company has deposited Rs 6.97 crore.
The second lease is for the plot spread across an area of 2,52,000 sq ft for a rent of Rs 43.7 per sq ft per month which is at a rent of Rs 1.1 crore. The company has paid a deposit of Rs 6.57 crore for the transaction.
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A recent quarterly report titled India Real Estate Update - Q3 2021 by Knight Frank India has said that Hyderabad registered the second highest transactions in the office space with 0.19 mn sq m (mn sq ft) while new completions were at 0.20 mn sq m (2.2 mn sq ft) in this period. The cumulative office transactions for the first nine months of 2021 recorded at 0.33 mn sq m (3.7 mn sq ft).
Hyderabad has witnessed remarkable growth in office transactions on the back of robust demand by IT and manufacturing sector. Strong infrastructure development and socio-economic friendly government policies have been a big boost for the market, it said.