At Rs, 48 Crore, One of the Priciest Realty Deals in Hyderabad
In one of the priciest deals in Hyderabad’s posh Jubilee Hills area, an owner of a data centre Company CtrlS, bought a 2,644 square yards property for Rs 48 crore in April. The upscale Jubilee Hills has attracted the rich and the famous, who are increasingly looking for residences in low-density areas.
Pinnapureddy Sridhar Reddy, owner of CtrlS, bought the property in the name of Cloud4CTechnology LLP, where he is a partner. The seller is Suryanarayana Raju Nandyala. Stamp duty of Rs 1.93 crore was paid for the property in Jubilee Hills Cooperative Housing Building Society. The deal also involved payment of transfer duty of Rs 72.37 lakh and a registration fee of Rs 24.12 lakh. The price of the plot in per square yard terms works out to be around Rs 1.81 lakh.
During the pandemic, there has been an increase in demand for properties in the area as more people, especially the ‘who’s who’, are preferring to shift to low-density developments rather than scout for luxury flats in densely populated multi-storey buildings. Also, prices in the area have conventionally been high as the city’s elite reside there and transactions happen through word of mouth.
Hyderabad is the only Indian city where residential property prices rose in the last quarter of 2020, but globally it has a low rank of 122 in the Global Residential Cities Index Q4 2020, by Knight Frank.