Telugu actor Ghattamaneni Mahesh Babu has bought a plot in Hyderabad’s posh area Jubilee Hills for Rs 26 crore, documents accessed by Zapkey.com showed.
The plot measuring 1,442 sq yards was sold by Yerram Vikranth Reddy who demolished the earlier house and planned to construct a new structure. But due to changed circumstances, he decided to sell the plot, the documents showed.
The sale deed was registered on November 17, 2021. Babu paid a stamp duty of Rs 1.43 crore and a transfer duty of Rs 39 lakh, the documents showed.There was no response from the actor.
Plot sizes in Jubilee Hills are generally upwards of 1,000 sq yards and command between Rs 1.5 lakh and Rs 2 lakh per sq yard if not more, brokers active in the area said.
Prices in the area have conventionally been high as the city’s elite reside there and transactions happen through word of mouth.
Property prices have risen by 2 to 6 percent in markets such as Hyderabad and Bengaluru with more tech companies and start-ups setting up offices in these cities and renewing their leases, prompting higher demand for housing.
In September, Telugu actor Pawan Kalyan bought a 676 yard bungalow in Jubilee Hills for Rs 12 crore. The younger brother of actor-politician Chiranjeevi, paid a stamp duty of Rs 66 lakh, transfer duty of Rs 18 lakh, registration fee of Rs 6 lakh and mutation charges of Rs 1.2 lakh, the documents showed.
Vallurupalli Varun Dev, who owns Varun Motors that claims to be India’s biggest Maruti car dealer, has sold a property in Hyderabad’s posh Jubilee Hills for Rs 37 crore to the promoter of real-estate firm Vasavi Group, documents accessed by show.