The Asoka Builders India Limited (ASBL) acquired 10 acres of land in Kukatpally in Hyderabad by spending Rs 235 crore, according to JLL who was associated with the deal. The ASBL emerged as the biggest bidder to acquire the land. ASBL CEO Ajitesh Korupolu said that the land was purchased to build a multi-purpose realty project.
A premium residential complex, Grade-A commercial space would be developed there by June 2025 by spending Rs 250 crore, he said. Once the project is ready, its value is going to become Rs 600 crore, he added. This is the first venture of the company’s commercial real estate, he added. The Hyderabad realty market has been making rapid strides in residential and commercial sectors, JLL (Telangana and AP) MD Sandeep Patnaik quoting the example of the deal. Currently, the ASBL is developing residential house projects with a total plinth area of 5 million square feet.
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