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Hyderabad News.Rajapusha Properties Enters the Big Group. Buys 25 acres land near Gachibowli ORR for 800 Crore
(Excl Ventures News.)In the largest land deal in the country in 2020, Hyderabad-based Rajapushpa Properties has spent Rs 800 crore in acquiring 25 acres with a tag along joint development agreement according to a report in the ET. The land is located on the Outer Ring Road in Hyderabad near Gachibowli and will be used to develop a high-rise residential project.
The builder has bought 18 acres through direct purchase for Rs 550 crore and the remaining economic interest under joint development will be will be another Rs 250 crore. The project will be launched next month and will comprise 2 BHK and 3 BHK units spread between 1,370 and 2,680 sq ft; the report said.
The company has over 30 acres of land bank in the IT corridor of Kokapet and will develop office space as the demand will continue to grow.
The southern residential and commercial market continues to lead the recovery in the realty sector with average residential price and office rental seeing an upward trend, with Hyderabad and Bengaluru being the key drivers
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