Hyderabad: Real estate consultancy and professional services firm, JLL India, closed a deal with Hyderabad-based developer IRA Realty Tech for a 53 acres land parcel at Shamshabad in Hyderabad. The Rs 250-crore transaction is expected to create valuations to the tune of Rs 1,000 crores when the property is fully developed.
JLL said it engineered a combination of sale as well as joint development agreement with few high net worth individuals (family owned property) for this prime land parcel.
“In the period between 2006 and 2008, Shamshabad real estate boom was led by speculators largely and not by end-customer and hence the real estate growth could not last long but since 2018 onwards Shamshabad has seen a rise in end customers demand and developers’ interest due to its proximity and direct access to commercial hubs,” said Sandip Patnaik, MD & Head, Telangana and Andhra Pradesh, JLL.
“In the past two years, the Shamshabad residential projects as well as plot development projects have seen a significant uptake thereby attracting developers to hold a large chunk of land in this micro market,” added Patnaik.
IRA Realty Tech will leverage this land parcel to customise tailor-made plots and eventually into a villa community including apartments in more than 100 acres as a township project.
Situated in Shamshabad, Ranga Reddy District, Telangana, a satellite town of Hyderabad, the area is growing as an important residential and commercial locality. Additionally, seamless connectivity is expected to be offered in a year’s time by three flyovers that are bridging University, Gaganpahad and Katedan and the 14.2 km long elevated flyover (PV Narasimha Rao Flyover) is attracting developers to hold a large chunk of land.
Furthermore, many high-end specialty hospitals along with good healthcare facilities are also available in this market.
“We are now gearing up to capitalise on the massive demand for premium plotted development residential spaces in this location, where land parcels are scarce and come with a premium price tag. We see great potential in the area and believe we can create valuations to the tune of Rs 1,000 crores here,” said Narsi Reddy, CMD-IRA Realty.
According to JLL’s Q1 residential market report, residential sales in Q1 (Jan-March) 2021 recovers to more than 90 per cent of the volumes witnessed in Q1 2020 (pre-Covid) across the top seven cities. The Western Suburbs (Gachibowli, Manikonda, Kukatpally) submarket accounted for more than 65 per cent of the sales in the city during the quarter.
