According to the documents made available by Zapkey.com, the Founder and Chairman of Hyderabad-based GVK Industries Limited, GV Krishna Reddy, has purchased an independent house spread across 6,033 square feet in the city’s posh Jubilee Hills area for ₹23.15 crore. The total land area is measured to be 1,447 square yard.
A copy of the registration document was viewed by Moneycontrol. The Chairman paid a total amount of ₹1.43 crores towards a stamp duty of ₹94.2 lakh, transfer duty of ₹35.26 lakh, fees for registration at ₹11.7 lakh, user charges of ₹210 and a ₹2.3 lakh mutation fee.
Moreover, on 26th June 2020, a property worth ₹23 crore was registered under Reddy’s name in the same high-class area. Jubilee Hills, a low-density area, has been getting increasingly filled with wealthy and popular people.
As per documents made available by Zapkey.com, Sridhar Pinnapureddy, who is the owner of an IT service management company called CtrlS, had bought a 2,644 square yards property for ₹48 crore in April. He purchased the property under the name of Cloud4CTechnology LLP, where he is a partner.
A local broker stated, “During the pandemic, there has been an increase in demand for properties in the area as more people, especially the ‘who’s who’, are preferring to shift to low-density developments rather than scout for luxury flats in densely populated multi-storey buildings.”
Earlier, the owner of Virchow Laboratories Limited, N. Venkata Reddy, had purchased a property in the same area for ₹41 crore.