Real estate developer buys commercial buildings of worth Rs 247.5 crore in Hyderabad

This is one of the largest commercial deals by real estate firm Aparna Construction in recent times.

In a report gather by Propstack, Hyderabad records one of the largest commercial deals recently by Aparna Construction. The company bought office buildings with a total area of 4.3 lakh sq ft for Rs 247.5 crore in Hyderabad.

The sales deed of the following properties was registered on September 20, 2021.

The office building seller is ENN ENN Corp Limited, earlier known as Abhishek Group of Companies, which deals in real estate development, exports, carbon-free power generation, and asset leasing business.

The buyer is Hitec Cyberspazio LLP, which invested in a limited liability partnership firm with its registered office in Banjara Hills, Hyderabad. The sales deed shows the company represented by its authorized partner Aparna Infrahousing Pvt Ltd under C Venkateshwara Reddy and B Subba Reddy for executing the transaction.

The first property in Plot 8, Madhapur Main Road, which has a total area of 2, 52,000 sq ft was bought by the company at 141.57 crores. The property includes ground and four independent floors. While other property 3 and 4 has a total area of 1, 81,500 sqft having ground plus five floors sold at 105.93 crores.

Earlier in 2004, L&T Infocity Limited also applied for these three plots with an area of 7.88acres based on setting up an IT facility for IT/ITeS activities. The company got the allotment letter during the same year, and the construction for builders started in 2005.

In the property document history, L&T later sold the properties to ENN ENN in 2011. SCB Bank was named in charge of the property for loans takes by ENN ENN Corp. HSBC Electronic Data Processing India Pvt Ltd is the current tenant in the building and renewed its lease in September 2021.

HSBC Electronic Data Processing has executed two leases in the building. The first property is for the area 1,81,500 sq ft is for a tenure of 29 months from August 21 to December 23 at a rent of Rs 64.5 per sq ft per month at a rent of Rs 1.16 crore. The company has deposited Rs 6.97 crore.

The second lease is for the property with an area of 2,52,000 sq ft for a rent of Rs 43.7 per sq ft per month which is at a rent of Rs 1.1 crore. The company has paid a deposit of Rs 6.57 crore for the transaction.

The report by Knight Frank India for Q3 India has said Hyderabad city recording the second-highest transaction in the office space with 0.19 mn Sq m while new properties were at 0.20 mn sqm (2.2 mn sqft) during this period. The total office sales for the first nine months of 2021 were recorded at 0.33 mn sq m (3.7 mn sq ft).

Recently, Hyderabad has recorded a magnificent increase in commercial property transfers due to growth in demand by the IT and manufacturing sectors. The report points the benefit of infrastructure development and favourable government policies led to growth in the market.

Published by– Vandana Ramnani