JLL facilitates 53 acres prime land transaction for IRA Realty at Hyderabad
JLL India, announced the successful closure of a deal with Hyderabad based Developer IRA Realty Tech Pvt Ltd for a 53 acres land parcel at Shamshabad, in Hyderabad.
Hyderabad, 28 April 2021: JLL India, the country’s largest real estate consultancy and professional services firm announced the successful closure of a deal with Hyderabad based Developer IRA Realty Tech Pvt Ltd for a 53 acres land parcel at Shamshabad, in Hyderabad. JLL has successfully engineered a combination of sale as well as joint Development agreement with 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 the Shamshabad residential projects as well as plot development projects has seen a very good 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 Pvt Ltd, will leverage this land parcel to customised tailor-made plots and eventually into a villa community including apartments in more than 100 acres as a township project. Situated in Shamshabad, Ranga Reddy District, 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 the 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 elevated flyover (PV Narsimha Rao Flyover) is attracting developers to hold a large chunk of land in this micro market. Furthermore, many high-end specialty hospitals along with good healthcare facilities are also available in this market.
“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 area and believe we can create valuations to the tune of INR 1,000 crores here,” said Narsi Reddy, CMD - IRA Realty.
According to JLL’s Q1 residential market report, residential sales in Q1 (Jan-March) 2021 recovers to more than 90% of the volumes witnessed in Q1 2020 (pre-Covid) across the top 7 cities. Residential market has Hyderabad - the Western Suburbs (Gachibowli, Manikonda, Kukatpally) submarket accounted for more than 65% of the sales during the quarter.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
In India, JLL has an extensive presence across 10 major cities (Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata, Ahmedabad, Kochi, and Coimbatore) and over 130 tier II & III markets with a cumulative strength of close to 12,000 professionals. Headquartered out of Mumbai, we are India’s premier and largest professional services firm specializing in real estate. Our services cover various asset classes such as commercial, residential, industrial, retail, warehouse and logistics, hospitality, healthcare, senior living, data centre and education. For further information, please visit jll.co.in.