HYDERABAD: JLL, the real estate consultancy firm, announced the completion of 10 acres of prime land sale to Hyderabad-based real estate developer Ashoka Builders India Private Limited (ASBL) at `235 crore. ASBL has emerged as the highest bidder for the deal.
The land is situated at Kukatpally, which is known for its thriving residential community and good connectivity to the city’s hotspots. JLL was appointed as the exclusive transaction partner for the deal by the seller.
“This deal proves Hyderabad’s favourable market in terms of strong demand for both commercial and residential developments,” says Sandip Patnaik, JLL MD, Telangana and Andhra Pradesh.
He said that the entire transaction process was conducted meticulously and with the highest transparency in alignment with the business philosophy and value systems of the landowners. “Renewed buyer confidence has been instrumental in supporting the Hyderabad real estate market recovery in Q3 2021, which recorded a healthy quantum of sales and launches as compared to the same period last year. These numbers are inching towards those in the pre-Covid era.”
“We intend to build a mixed-use development, combining premium residential development and Grade A commercial space by June 2025. We plan to further invest around Rs 250 crore to develop this mixed-use community, taking the valuation of the project, after completion, to roughly Rs 600 crore,” said Ajitesh Korupolu, CEO, ASBL.