Suven Pharma boss sells residential property in Hyderabad’s lush Jubilee Hills for Rs 34.75 crore

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Suven Pharmaceuticals Chairman and MD Venkateswarlu Jasti has sold a residential property in Hyderabad’s upscale Jubilee Hills location for Rs 34.75 crore in one of the largest residential deals in the city.

The 9,405 square foot property was purchased by Bhagwati Devi Baldwa, a director of a Hyderabad-based company. The residential property was previously owned by Dr. SVMJ Property LLP which is owned by Jasti.

The deal was closed in August, which was built 15 years ago and is mentioned in the documents retrieved from Zapkey.com.

Suven Pharmaceuticals, a publicly traded pharmaceutical company with a market capitalization of over Rs. 13,000 cr. Managed by Jasti. It operates in the contract development and manufacturing organization (CDMO) business and serves the needs of the global pharmaceutical industry. He is also a director of Suven Life Sciences Limited, FTCCI and Jasti Property and Equity Holdings Private Limited.

The email from ET asking Jasti for a comment remained unanswered until the editorial deadline.

Jubilee Hills is an affluent neighborhood in the western part of Hyderabad, Telangana, and is home to some of the best pharmaceutical companies and real estate conglomerates in Hyderabad. The icty has completed over 200 residential and real estate deals since last year. It is also one of the most expensive commercial and residential locations in India with prime land prices of up to Rs 2.5 lakh per square meter.

The upscale Jubilee Hills have drawn the rich and famous, including prominent Tollywood celebrities, politicians, and industrialists who are increasingly looking for housing in sparse areas.

On June 26, 2020, a property worth 23 billion rupees was registered. It was bought by GV Krishna Reddy, chairman of the GVK group.

According to real estate agents, prices in the area have been conventionally high as the city’s elite live there and transactions are done through word of mouth.

Hyderabad is the only Indian city where residential property prices rose in the final quarter of 2020. The city continued to dominate new launches, accounting for almost a third of total launches in the first half of 2021. The southern city was also the largest contributor to sales in the last five quarters, seeing a 66% jump in sales in the first half of 2021, JLL mentioned.


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