Suven Pharma boss sells residential property in Hyderabad’s plush Jubilee Hills for Rs 34.75 crore
The 9405 sq. ft property was purchased by Bhagwati Devi Baldwa, a director with a Hyderabad-based firm. The residential property was earlier held by Dr SVMJ Property LLP, owned by Jasti.
The deal was concluded in August, which was built 15 years ago, mentioned in the documents accessed by Zapkey.com.
Suven Pharmaceuticals, a listed pharma company with market cap of over Rs13,000 cr managed by Jasti. It is in the business of Contract development & manufacturing organization (CDMO), catering to the needs of the global Pharma Industry. He is also Director on the Board of Suven Life Sciences Limited, FTCCI and Jasti Property and Equity Holdings Private Limited.
ET’s email seeking comment to Jasti remained unanswered till the time of going to press.
Jubilee Hills is an affluent neighbourhood in Western part of Hyderabad, Telangana and is home to some of the top pharma guys and real estate conglomerates in Hyderabad. The icty has seen over 200 residential and land deals since the last one year. It is also one of the most expensive commercial and residential locations in India with prime land prices fetching up to Rs 2.5 lakh per square yard.
The upscale Jubilee Hills has attracted the rich and the famous, including prominent celebrities from Tollywood, politicians and industrialists, who are increasingly looking for residences in low-density areas.
On June 26, 2020, a property worth Rs 23 crore was registered. It was bought by G V Krishna Reddy, Chairman, GVK group.
According to property brokers prices in the area have conventionally been high as the city’s elite reside there and transactions happen through word of mouth.
Hyderabad is the only Indian city where residential property prices rose in the last quarter of 2020, the city also continued to dominate new launches and accounted for almost a third of the overall launches during H1 2021.The Southern city has also been the largest contributor to sales over the past five quarters, recording 66% jump in sales in H1 2021, mentioned JLL.