GV Krishna Reddy, founder and chairman of infrastructure conglomerate GVK Group, has sold two residential properties in Hyderabad in a deal valued at around ₹73.81 crore. The properties – of 1,386 square yards and 1,426 square yards – in the posh Jubilee Hills were sold to Potukuchi Naga Nandini, the wife of Potukuchi Murali Mohana Rao who has business interests in infrastructure, real estate and agriculture.
The transaction was closed earlier this year, and the stamp duty was around ₹5.6 crore for the properties, showed documents shared by Zapkey, a property registration data aggregator. The upscale Jubilee Hills has attracted the rich and famous, including prominent celebrities from Tollywood, politicians and industrialists, who are looking for residences in low-density areas.
Recent deals include film producer-actor Dasari Abhiram Reddy selling an independent house for ₹30 crore, and a ₹35 crore property purchase by Nandamuri Jayakrishna, son of former Andhra Pradesh chief minister NT Rama Rao, as per Zapkey data.
The city has seen more than 200 residential and land deals in the last two years.
The GVK Group has emerged as one of the key players in India’s infrastructure development. Apart from airports, energy and expressways, GVK has a presence in hospitality and urban infrastructure. “Property prices in the (Jubilee Hills) area have traditionally been high as the city’s elite reside in this neighbourhood, and transactions happen mostly through word of mouth,” said Vineet Surana, director at APS Property Solutions, a property brokerage firm in Hyderabad.