After Mumbai and Delhi, Hyderabad is fast catching up on property deals. Venkateswarlu Jasti, chairman of Suven Pharmaceuticals, recently sold an independent house, located in the posh Jubilee Hills area, for Rs 34.75 crore, documents made available by Zapkey.com reveal.
The property, registered under an entity named SVMJ Property LLP, is located in Hyderbad’s posh Jubilee Hills area. The sale was recorded on August 21, 2021 and a stamp duty of Rs 2.64 crore was paid on the transaction, the documents showed.
The sellers of the property are Jasti and his daughter Madhavi Jasti. The listed pharma company has a market cap of over Rs 13,000 core. It is into the business of contract development and manufacturing organization (CDMO), catering to the needs of global pharma industry.
Bhagwati Devi Baldwa is the buyer of the property, which is spread across an area of 1045.21 sq yards.
There was no response from Jasti.
Earlier, owner of business conglomerate GVK Group, which focuses on infrastructure, energy, resources and airports, had bought an independent house spread across 6,033 square feet in Hyderabad’s posh Jubilee Hills area for Rs 23.15 crore.
GV Krishna Reddy, chairman of GVK Group, bought the plot on July 16. The total land area is 1,447 sq. yard, which takes the per sq. yard value to be around Rs 1.60 lakh. This, say local brokers, is a fair market price.
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, 2021.
Pinnapureddy Sridhar Reddy, owner of CtrlS, bought the property in the name of Cloud4CTechnology LLP, where he is a partner. The seller was Suryanarayana Raju Nandyala.
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 the 'Tollywood' film industry, politicians and industrialists.
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.