Owner of Pharma co. buys property in Hyderabad’s posh Jubilee Hills for Rs 41.3 crores

After Mumbai and Delhi, Hyderabad is fast catching up on the property deals front. A businessman and owner of a pharma company recently bought an independent house located in the posh Jubilee Hills area for a whopping
Rs 41.3 crore, it is understood. This is said to be the largest deal in Jubilee Hills so far. The property was registered on January 28.

The buyer, N. Venkata Reddy, is the owner of pharma company Virchow Laboratories Limited. The property is on a plot of land admeasuring 1,837 square yards or 1,537 sq. metres. He paid a stamp duty of Rs 2.27 crore and
Rs 20 lakh as registration fee.

Another property deal in the area was closed for Rs 10 crore on January 12. The independent house was bought by Arnipalli Harish Kumar, Director, Arvensis Energy.

Jubilee Hills area has recorded as many as 120 sale transactions above Rs 10 crore in the last five years. Last year, there were 17 sale transactions above
Rs 10 crore in Jubilee Hills and buyers included prominent celebrities from Tollywood, politicians and industrialists.

On June 26, 2020, a property worth Rs 23 crore was registered. It was bought by G V Krishna Reddy, Chairman, GVK group. Sucheth Rao Davuluri CEO of Neuland Labs CEO also bought an independent house in Jubilee Hills area for Rs 20.7 crore on May 18, 2020.

Besides leading Tollywood actor Akkineni Naga Chaitanya also bought an apartment on January 2020 for Rs 27.1 crore. Brokers active in the area say plot sizes in Jubilee Hills are generally upwards of 1,000 sq. yards and command anything between Rs 1.5 lakh per sq. yard to Rs 2 lakh per sq. yard if not more.