JLL India, a real estate consultancy and professional services company, has signed a deal for a 53-acre land parcel in Shamshabad with the Hyderabad-based developer, IRA Realty Technology.
When the property is fully developed, the Rs 250-crore deal is expected to generate a valuation of Rs 1,000 crore.
For this key land parcel, JLL said it engineered a combination of sale and joint development arrangement with a few high-net-worth individuals.
Large Township Project to Come Up in Shamshabad
According to Sandip Patnaik, MD & Head (Telangana and Andhra Pradesh), JLL, the Shamshabad real estate boom was earlier mainly driven by speculators and not by end-customers, and thus the boom could not last long. However, since 2018, Shamshabad has seen an increase in the demand from end-users and developers alike due to its proximity and direct access to commercial hubs.
Shamshabad residential projects and plot ventures have seen a substantial uptick in the last two years, attracting developers to keep a wide chunk of land for this micro-market.
IRA Realty Tech plans to use this land parcel to create custom-made plots and, finally, a gated community villa project with apartments spread over more than 100 acres as part of the township project.
The area has gained attention as a significant residential and commercial locality in the Ranga Reddy District of Telangana — a satellite town of Hyderabad.
Builders are getting ready to take advantage of the high demand for premium plotted residential spaces in this area, where land parcels are scarce and expensive. They expect that the area has great potential and believe it can fetch valuations to the tune of Rs 1,000 crore.
As per JLL's Q1 residential market survey, residential sales in Q1 2021 (Jan-March) across the top seven cities can recover up to more than 90% of those seen in Q1 2020 (pre-Covid). During the quarter, the Western Suburbs submarket (Gachibowli, Manikonda, and Kukatpally) accounted for more than 65 percent of the city's sales.
By: Shailaja K