Realty boom hope returns after Jubilee Hills plot sold for Rs.41.3 cr

Hyderabad: The owner of a pharma company bought a property in Jubilee Hills for a record price of Rs. 41.3 crore. The property in question is on a plot of land measuring 1837 sq. yards, Money Control reported.

The registration of property took place on January 28, 2021 and the owner paid Rs. 2.27 crore stamp duty and Rs. 20 lakh towards registration fee.

Property deal raised hopes

According to a report in Deccan Chronicle, the property deal has raised the hopes of a realty boom in the city. It also boosted the confidence of the state government as it is planning to sell its prime lands located on the outskirts of the city.

It is also reported that the government was trying to sell the lands for the past two years. However, due to various hurdles, including the coronavirus pandemic, the plan did not get materialized.

The government intends to raise at least Rs. 10, 000 crore by selling lands as it has witnessed financial losses during the last financial year amid pandemic.

Why has a single deal boosted confidence?

As per realtors, the cost of the plot in the Jubilee Hills area is Rs. 1.5-2 lakh per sq. yard. However, the sale of property in the current deal fetched around Rs. 2.20 lakh per sq. yard.

The spike in the price of the plot raised the hope of realty boom in Hyderabad. Apart from that, for the past three months, all registration offices are experiencing a rise in property registration. From December 21, 2020, to February 10, 2021, around 1.10 lakh registrations took place.

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