Hyderabad is catching up rapidly on property deals just like Delhi and Mumbai. Chairman of SuvenPharmaceuticals, Venkateswarlu Jasti, recently sold a posh independent house located in the Jubilee Hills area for Rs 34.75 crore, reportedly.
According to the documents, on August 21, 2021, the sale was recorded, and stamp duty of Rs 2.64 cr was paid on the transaction. The property was bought by Bhagwati Devi Baldwa.
Earlier, an independent house spread across 6,033 sq ft in the city's posh Jubilee Hills area was bought by the owner of business conglomerate GVK Group for a whopping Rs 23.15 crore on July 16.
Another priciest deal was again in the posh area of Jubilee Hills when an owner of a data center company CtrlS bought a 2,644 sq yards property for Rs 48 cr this year in April. The property belonged to Suryanarayana Raju Nandyala.
Earlier, the owner of pharma company Virchow Laboratories Limited, N Venkata Reddy, had bought a property in the same Jubilee Hills area for Rs 41 cr. The land admeasured 1,837 sq yards or 1,537 sq meters.
As per the data revealed by Zapkey, Jubilee Hills recorded as many as 120 sale transactions which were above Rs 10-crore in the last five years.
In contrast, there were 17 sale transactions above Rs 10 crore in Jubilee Hills in 2020, and buyers mainly included prominent Tollywood celebrities, industrialists, and politicians.
The local brokers say that there has been an increase in demand for properties in the area during the pandemic as more people, especially the super-rich elite citizens, have started preferring to shift to low-density properties rather than scout for luxury flats in highly populated skyscrapers.