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Prestige Estates Ltd has acquired 5.8 acres in the Hitec City IT hub of Hyderabad for the development of a luxury home project.
Real estate consultancy company Jones Lang LaSalle India has helped close the transaction. The joint development project is between the promoters of KL Hitec Secure Print Ltd and Prestige Estates.
The company has proposed to develop a 1.2 million square feet luxury residential project.
“The IT boom has had massive implications on real estate development in Hyderabad,’’ Mayank Saksena, Managing Director-Land, Jones Lang LaSalle India, said in a statement.
“The city has been transformed into the focal point of growth for the IT/ITeS sector in Andhra Pradesh. Hitec City is at the very epicentre of this growth. Land parcels here are scarce and therefore command premium price tags,’’ he added.
Apartments close to Hitec City command upwards of Rs 5,000-6,000 per sq.ft. of built-up space.
Irfan Razzack, CMD, Prestige Estates Ltd, said: “Hitec City at Madhapur has the highest concentration of IT/ITES establishments in Hyderabad. We are calibrating the offerings of this luxury residential project to suit the buyer profile of this catchment.’’
Prestige Estates expects to launch the project in the third quarter of this year.
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