Hyderabad is catching up rapidly on property deals like Delhi and Mumbai. For example, the chairman of Suven Pharmaceuticals, Venkateswarlu Jasti, reportedly sold a posh independent house in the Jubilee Hills area for Rs 34.75 crore.
According to the documents, in August last year, the sale was recorded, and the transaction paid a stamp duty of Rs 2.64 cr. Bhagwati Devi Baldwa bought the property.
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 in July.
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. 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 at 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 above Rs 10-crore in the last five years.
In contrast, there were more than 20 sale transactions above Rs 10 crore in Jubilee Hills in 2021, and buyers mainly included prominent Tollywood celebrities, industrialists, and politicians.
The local brokers say there has been an increase in demand for properties in the area post-pandemic. More people, especially the super-rich elite citizens, have started preferring to shift to low-density properties rather than scouting for luxury flats in highly populated skyscrapers.