Ashoka Builders buys land in Hyderabad for 235 crore

Bengaluru: Hyderabad-based real estate company Ashoka Builders India Private Limited (ASBL) purchased a 10-acre plot of land in the Kukatpally area, for ??235 crores.

“We intend to build a mixed-use development, combining high-end residential development and Category A commercial space by June 2025. We plan to invest more around ??250 crore to develop this mixed-use community, ”said Ajitesh Korupolu, CEO of ASBL.“… From a business perspective, it diversifies our presence on all sides of Hyderabad. Second, this would be our first business in commercial real estate. And third, the great connectivity that Kukatpally enjoys due to the recently inaugurated overflights, metro and all other forms of transportation, make this land a lucrative investment opportunity, ”he added.

JLL was the transaction partner for the seller’s transaction.

“Renewed buyer confidence was instrumental in supporting the recovery of the Hyderabad property market in the third quarter of 2021, which saw a good volume of sales and launches compared to the same period last year” said Sandip Patnaik, MD, Telangana and Andhra Pradesh, JLL.

The top seven cities saw 21% sequential growth in new project launches, with 32,863 units in the July-September period of this year. Hyderabad recorded the highest number of new launches, accounting for 28% of total new launches in the third quarter of 2021.

Hyderabad continues to be one of the most affordable real estate markets among major cities, although it is one of the few cities to have seen house price appreciation this year.

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