JLL, the country’s largest 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 INR 235 crore. ASBL has emerged as the highest bidder for the deal. The land is situated at Kukatpally, a busy business hub which is in the Northwestern part of Hyderabad. It is also known for its thriving residential community and excellent connectivity to the city’s hotspots. The land was owned by one of the larger corporate houses in the country. JLL was appointed as the exclusive transaction partner for the deal by the seller.
“JLL’s robust market intelligence and strong relationship led to successful closure of this deal in a record time. This deal proves Hyderabad’s favorable market in terms of strong demand for both commercial and residential developments” says Sandip Patnaik, Managing Director, Telangana and Andhra Pradesh, JLL. “The entire transaction process was conducted meticulously and with the highest transparency in alignment with the business philosophy and value systems of the landowners,” he said. Further adding, “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 INR 250 crore to develop this mixed-use community, taking the valuation of the project, after completion, to be roughly INR 600 crore,” said Ajitesh Korupolu, CEO, ASBL. “We are excited about this project for three main reasons. From a company standpoint, this diversifies our presence on all sides of Hyderabad. We are already present in South-West and East, making Kukatpally ASBL’s expansion into the North-West of Hyderabad. Secondly, this would be our first venture into commercial real estate. And thirdly, the great connectivity Kukatpally enjoys due to the recently inaugurated flyovers, metro rail, and all other forms of commute, make this land a lucrative investment opportunity,” he added.