The land is situated at Kukatpally and was owned by one of the large corporate houses in India. Sandip Patnaik, MD, JLL, said that this deal proves Hyderabad is a favorable market in terms of strong demand for both residential and commercial developments. Renewed buyer confidence has been a key factor in supporting the real estate market recovery in the city in Q3 2021, and the number of sales and launches are inching towards those in the pre-Covid era.
Ajitesh Korupolu, CEO, ASBL, says that they intend to construct a mixed-use development by June 2025, combining Grade A commercial space and premium residential development. They plan to further invest around Rs 250 crores to develop this mixed-use community, taking the valuation of the project to be around Rs 600 crores after completion.
Hyderabad-based Ashoka Builders India is executing five million sq ft of built-up residential space across the city.
Korupolu also added that they are already present in East and South-West, making Kukatpally ASBL's expansion into the North-West of the city. Secondly, this would be their first venture into commercial real estate. And thirdly, the great connectivity Kukatpally enjoys due to the recently inaugurated metro rail, flyovers, and all other forms of commute make this land a lucrative investment opportunity.