Ashoka Builders buys 10-acre land for Rs 235 cr in Hyderabad

31 Jan 2022 CW Team

Ashoka Builders India Limited (ABIL) has bought a 10-acre land for Rs 235 crore at Kukatpally, Hyderabad. Jones Lang LaSalle Inc (JLL) was the transaction partner for the property deal.

ASBL emerged as the highest bidder for the land parcel, owned by one of the largest corporate houses in India.

CEO of ASBL, Ajitesh Korupolu, said that the company plans to build a mixed-use development, a combination of premium residential development and Grade-A commercial space by June 2025. It also plans to invest Rs 250 crore for developing the mixed-use community, with an estimated value of the project after completion to be nearly Rs 600 crore.

Managing Director of JLL, Telangana and Andhra Pradesh, Sandip Patnaik, said that the real estate deal proves Hyderabad's favourable market sector for commercial and residential developments.

Korupolu further said that the company has its presence in the South-West region and East, making ASBL's business expansion in the North-West of Hyderabad. It is the first venture of the company into the commercial sector.

ASBL is executing 5 million sq ft of residential space in Hyderabad.

Also read: Adani Realty bids for high rise residential complex in Mumbai

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