Real estate consultant JLL India has announced the successful closure of a deal with Hyderabad-based Developer, IRA Realty Tech, for a 53 acre-land parcel at Shamshabad in Hyderabad.
JLL engineered a combination of sale as well as joint development agreement with a few HNIs (family owned property) for this prime land parcel.
“In the period between 2006-2008, 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. In the past two years, 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,” said Sandip Patnaik, MD & Head, Telangana and Andhra Pradesh, JLL.
IRA Realty Tech will use this land parcel to develop tailor-made plots and eventually a villa community including apartments in more than 100 acres as a township project.
Situated in Shamshabad, Ranga Reddy District in Telangana, a satellite town of Hyderabad, the area is growing as an important residential and commercial locality due to its direct access to commercial hubs and proximity to Rajiv Gandhi International Airport.
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 PV Narsimha Rao Flyover is also drawing developers.
“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 ₹1,000 crore here,” said Narsi Reddy, CMD-IRA Realty.