IRA Realty Signs 53 Acres Land Deal in Telangana with HNIs Group

Hyderabad’s realty sector has got a shot in the arm with city-based IRA Realty Tech Pvt Ltd signing a deal for 53 acres, with a group of HNIs (high net worth individuals), to develop an integrated township project in Shamshabad. The deal was brokered by leading real e

BY Realty Plus
Published - Saturday, 01 May, 2021

IRA Realty Signs 53 Acres Land Deal in Telangana with HNIs Group

Hyderabad’s realty sector has got a shot in the arm with city-based IRA Realty Tech Pvt Ltd signing a deal for 53 acres, with a group of HNIs (high net worth individuals), to develop an integrated township project in Shamshabad. The deal was brokered by leading real estate consultancy services firm, Jones Lang LaSalle (JLL). Speaking about the Rs 1,500 to Rs 2,000- crore-worth project, expected to eventually spread over 150 acres, Narsi Reddy, chairman and managing director of IRA Realty said: “The township will comprise affordable apartments (in the Rs 45 lakh to Rs 50 lakh range), high-end villas (Rs 2.5 crore and above), an international school, hospital and commercial ventures. We have applied for permissions and the project is expected to be rolled out in the next few weeks.” As per plan, the school is set to start operations by the next academic year while the villas are likely to be ready in three years. “We are hopeful that the basic infrastructure will be up and running in 18 months,” Reddy said upholding Shamshabad as the next big realty destination of Hyderabad, after the IT corridor. “It has great infrastructure and is not as expensive as Financial District. We see great potential in area and believe we can create valuations to the tune of Rs 1,000 crore here,” he added. According to Sandip Patnaik, managing director and head, JLL (Telangana and Andhra Pradesh), Shamshabd has not only seen a significant rise in end-customer demand and since 2018 but also piqued the interest of developers owing to its proximity to commercial hubs. “In the past two years, Shamshabad’s residential as well as plot development projects have seen a significant uptake,” he added.