Godrej & Boyce Manufacturing Company has sold a prime 10 acre land parcel in Hyderabad, Telangana, to real estate developer Ashoka Builders India (ASBL) for Rs 235 crore.
The land parcel is situated at Kukatpally, a busy business hub which is in the north-western part of Hyderabad. The buyer is planning to build a mixed-use development, combining premium residential development and Grade-A commercial space by June 2025.
The company plans to further invest around Rs 250 crore to develop this mixed-use community, taking the valuation of the project, after completion, to be roughly Rs 600 crore.
The proposed project on this land parcel allows the company to expand and diversify its presence on all sides of Hyderabad as the developer already has projects in the South-West and East part of Hyderabad.
This project will be ASBL’s first venture into commercial real estate and the connectivity Kukatpally enjoys due to the recently inaugurated flyovers, Metro rail, and all other forms of commute, makes the land parcel a lucrative investment opportunity.
JLL was appointed as the exclusive transaction partner for the deal by the seller. Both ASBL and JLL declined to reveal the seller’s identity.