Owner of business conglomerate GVK Group, which focuses on infrastructure, energy, resources and airports, has sold two properties spread across an area of 2,812 sq yards for Rs 73.81 crore in Hyderabad, deed of sale documents showed.
The first plot of 1,386 sq yards and the second plot of 1,426 sq yards were sold to a Hyderabad-based businesswoman for Rs 36.38 crore and Rs 37.43 crore respectively, documents accessed by Zapkey.com showed.
The plots are located in Jubilee Hills, Hyderabad, Telangana.
The two deed of sale documents were registered on January 9.
There was no response from the seller.
In July 2021, Reddy had bought an independent house spread across 6,033 square feet in Hyderabad’s posh Jubilee Hills area for Rs 23.15 crore.
The upscale Jubilee Hills has attracted the rich and the famous, who are increasingly looking for residences in low-density areas.
Brokers active in the area say plot sizes in Jubilee Hills are generally upwards of 1,000 sq. yards. In this particular case, the per sq yard rate works out to be Rs 2.6 lakh. This is the market rate and much higher than pre-COVID levels, they said.
The price of plots in this area, where the city's elite reside, depends on the location, whether it is located along the main road or away from it, they said.
“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,” a local broker said.
Also, prices in the area have conventionally been high as the city’s elite reside there and transactions happen through word of mouth.